thingy

[benjy]

i am sure you guys  have identified one of these before,but i cant remember,,ratchets in one direction.

[strik9]

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.

[Wrenchmensch]

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.