Just a toy at the moment, but I have plans...
It must have been part of a sales or training rep's travelling kit. A 0.25kW inverter/VFD hooked up to a control panel, with the drive coupled to a little motor driving an aluminium disc to show what can be done. Two independent speed controls with 10-turn pots. The whole lot folds neatly into a robust plastic case.
A shame to break it up really, but I have a job in mind for the drive, and the panel could go well on a lathe with a little adaptation. Not sure what to do with the space where the ally disc sits, though.