Rusty, Billman49, superzstuff,
I think you may be on to something with the fuses. As a pipe cutter it didn't make a whole lot of sense, way to complicated for that simple task, although it would work for that. The absolute maximum diameter of anything that could be put through the hole is 3/4 in., and that would be snug. What can't be seen from the pictures is the internal 3-jaw chuck that holds the outside off whatever is being cut. These jaws are very close to the end of the hole by the cutter.
The rod that the "star" wheel rotates on has 32 threads per inch, thus the advancement of the cutter wheel is quite slow...around .003 in./rev of the crank handle(by my math, which is not always correct anymore). A much slower rate of advance than would be used for pipe but much more in line for glass, Bakelite or some other hard and/or perhaps brittle material, or even a soft material that you didn't want to crush. This device takes the "operator error" factor out also, unlike a standard pipe cutter that can be tightened up faster than it should be.
I looked through all the patents that Google shows for Schweitzer & Conrad and didn't find anything for this device.
Thanks guys for the input. Now if I could just find the patent number. Oh well, you can't have everything.
Mike