The patent dates from 1938 and there were more patents relating to this device over the years including this one from 1953 so it was a serious venture. The machine would be just the thing to redo one damaged rod in a situation where a complete rebuild would not be practical or cost effective. The engine had to be turning to use the tool, various methods were used, starter motor, belt to the front pulley but the company sold a powered roller arrangement for the rear wheel.
Youtube video of device in use here.
There is little information on the company online but in 1979 the company was purchased by the Goodson Tools and Supplies for Engine Rebuilders company which is still in business today, though there is no mention of the Inthebloc machine. A similar company name Winona Van Norman of Kansas doesn't seem to have been involved with the device.