I've not a clue what this is.

Could that be a reamer of some type, it looks like the bottom end has spiral cutters on it

Or is it some type of Easy-out?

Both the bottom end and the shaft have the same spiral cut teeth. Bottom is pinned solid to the shaft. Turning it clockwise would cut and counterclockwise would screw it in. There is no taper to it. At first I thought gears but why would they have a handle? They do look to be designed to cut as the teeth are raised on one side rather than being even.

What does that socket look like?  Is it solid or hollowed out for something?

It is some type of a reamer but to be used it would have to be inserted into work that is two pieces, like machine or motor with bearing cap. Lay reamer in work, put cap or half on, then turn to ream to size, in line.

I agree with Superzstuff that is for a two piece bearing and cap.  I am thinking steam. The valve boxes have some places where that might work. Interesting that the cutters on the bottom piece don't extend all the  way up. It makes that a guide ring in something that is already the right diameter or that area is a larger OD like a seal groove and doesn't get reamed.

I think you have got it. It was an estate sale for a fellow who restored old stationary engines. There must have been 30 motors there. Everything from kick start washing machine motors to single and double flywheel types. Biggest flywheels were about 3 feet diameter. Lots of parts as well. I don't know anything about old motors but must have been babbit bearings somewhere in the collection. Thanks!