I have seen this item listed at my local Auction house as a "Watch Makers Too".
I can't quite work out what it is, I initially thought is might have been a hairspring vibrator, but close up, it has a pulley and looks more like a drill press?

Another photo

Last one

Geoff-
It appears to be an Uprighting tool, for aligning holes between two plates or plate and bridge.
Regards,
Bob