Dave,
Mmm … Shame about the original image quality: I'm sure the devil is in the detail.
In principle, I think it's best thought of as a set of single edge cutters in a row, one for each diameter.
Material would be held in the rotating drill chuck and pushed through the tool.
[ sorta like a lathe on 'relativity' ]
A modern multi-tooth device, roughly equivalent in operation, is shown in this patent.
**LINK**
https://worldwide.espacenet.com/publicationDetails/originalDocument?CC=US&NR=2013279999A1&KC=A1&FT=D&ND=&date=20131024&DB=&locale=
MichaelG.
.
Edit: ega has sussed the relevant geometry, I think.
Edited By Michael Gilligan on 26/11/2017 16:52:31