I picked this up recently. By releasing the two red knobs, you can slide the one inclined piece of clear plastic over the other, which sets the depth for the cutter pictured in the bottom photo. On the left in the bottom photo is a curved piece of spring steel, which obviously holds what is being cut tightly against the outer plastic guide. The depth of cut is measured on a Vernier-type scale.
The sticker applied by a previous owner indicates both a 1/16 and a 1/32 set. What does that mean?
It appears to have been designed for cutting or trimming thin slices of some soft material. The slogan on the bottom is especially curious: "Keep your weights down and your times up!!!"
A precision tool for slicing/cutting rubber bands that propelled free flight balsa model airplanes. Lighter the plane, longer it stayed in the air. An old school free flight guy could tell you more.
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