My dad called last night and in speaking with him confirmed this is in fact a cable cutter. I spent some time on it today trying to get it unfrozen; with success. It appears everything needed to cut cables remains intact. Dad says they used it onsite at the well to custom cut and install the cables between the horsehead and the rod clamp. Measure, cut, gently unwind the cable flaring it at the end, pull cable through rod clamp, and pour Babbitt around the flared cable inset into the clamp. He explained (which makes sense) some other tools for the job.
Thanks for all the help.