What is this craftsman piece?

Lucas E

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I got this craftsman piece with a lot that I bought. It has bearings inside so the shaft spins. Is this some sort of lathe attachment or something else?

Any help would be greatly appreciated.
 

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That might make the beginnings of a poor man's toolpost grinder.
 
That might make the beginnings of a poor man's toolpost grinder.
I have seen that done with another brand of saw arbor, but I can't imagine that it would be very satisfactory with the low grade bearings that they likely use.
 
I have seen that done with another brand of saw arbor, but I can't imagine that it would be very satisfactory with the low grade bearings that they likely use.
The housing itself looked decent. I don't know if it would be possible to upgrade the bearings, or if it wouldn't be worth the cost.
 
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