if there is a rubber like fabric on the bottom (opposit of the handle) it could be a valve lapping tool, you use abrasive paste to true up the valve and valve seat. You work the handle in a rotary motion very common, lots of different types.
But the other wire terminal? and what looks like a thumb switch of some sort ??? no idea how they could have anything to do with a valve lapping. So that would lead me to say it isn't one.