Interesting machine! I saw one very similar to that in use at an automotive machine shop on Okinawa when I was stationed there in the early 1970's. It's designed to rough-machine a poured-bearing rod before the scrape-fitting operation is begun. That's fine for Model T Ford rods and others that have the Babbit poured in place, but stovebolt rods used a different manufacturing process to spin a thin layer of Babbit into the rod. Regular rebabbiting methods don't work well on Chevy rods. The spin-pouring equipment went obsolete many years ago, which is why machining for insert bearings is the way to go now.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!