AU Seeker my first impression was it was for drawing ellipses, but why the depth gage adjustment? And there is no marking attachments. I may just have to fend off Zombies.
I've seen a similar tool used by old carpenters like my grandfather to scribe a double arc for making curved trim pieces. I'm not sure it was actually intended for that use though.
I still think it's a beam compass, the points that are used on a beam compass are called trammel points, many but not all trammel points are adjustable in depth, as seen in some of these pictures.
A beam compass can be use for many different tasks, but they're mostly use for marking a radius/circle.
You can buy the trammel points separately and use a ruler, yard stick or a piece of wood of any length as the beam to make as large of a radius/circle as required.
On most trammel points one of the steel points can be swapped out for a pencil, most are designed so a pencil will fit in place of the point.