i am sure you guys have identified one of these before,but i cant remember,,ratchets in one direction.
That is a drill ratchet, there would be a frame that would press it down as you ratcheted the bit into the stock. Used on naval ships because thats where I seen the info. An old navy training manual.
I've had a couple of these. Machinists used them to locate holes correctly, centered on a hole in an adjoining surface parallel to the one being drilled. I've had ones made by Pratt & Whitney and others that have been shop made and have wooden handles.