My guess is it’s an improvised boring bar, intended to machine the inside of a large diameter hole, perhaps just to tidy up chain drilling or a torch cut. Looks crudely made, is unbalanced, and there’s no provision for accurate adjustment of the cutter. Put together for a particular job or possibly an accessory for an ‘Oil Country’ lathe.
I bet most junk boxes contains a few mysterious home-made tools. Mine are puzzling unless you know what I was trying to do at the time. Doubly confusing because not all of them work!
Dave