That does look like some kind of gauge for measuring inner diameters - perhaps something used in conjunction with a suitable micrometer, but cheaper than buying a separate inside micrometer (I have two inside mikes; have yet to use either, but, hey, they weren't expensive, one being free, when we cleaned out my uncle's garage).
And that Perfect Pocket Oiler - neat design, although if it leaked, I bet it would do a Perfect job of Oiling your Pocket.