Not being familiar with the machine, so purely guessing from the photographs.
Having the machine to hand would make matters so much easier.
The drill would be set with one cutting edge horizontal.
The large horizontal scale would be set to give the 118 degree point angle.
The higher vertical scale would be set to give the clearance angle (For four facet grinding, 30 degrees secondary clearance, and then 10 degrees primary clearance)
The cut would be applied using the small handwheel on the front,
The wheel would be traversed, using the lever behind the wheel head, unless the lever on the right of the base provides the traverse?
The brass microscope would be used to check when the edge had been cleaned up, to minimise the quantity of metal removed.
Having cleaned up one edge, the drill would be rotated through 180 degrees (Hopefully locked by the small black pin on the right) and the grinding process repeated.
Then a final skim of the first edge, to endure that the lips are of equal length.
Or should it all be the othjer way round?
Some experimentation should clarify matters
IF I have guessed correctly, the drill should then be sharp and cut to size.
Please tell me if I am wrong.
The awkward bit may be ensuring that when the holder is locked in position, to set the cutting edge horizontal.
Howard