pretty sure i know, but....

[p_toad]

talked about this with a friend of mine who's into model planes...

cord was bad and it wouldn't heat, but it was still a neat tool.

[Bill Houghton]

From here, it looks like one of those tools that is heated and and used to warm the glue on edging veneer, to iron it down.  Think of those veneer-edged shelves in cheap bookcases.

[p_toad]

At first i thought it might have been for hot lead work (car body, etc.), but after talking it over we thought it appeared more like the "irons" they use for shrink on model airplanes, etc.