doesn't sound quite right to me. I don't know but it's clear that the square recessed spindle spins much faster than the crank. the iron base looks to me like it's meant to be mounted. The crank throw is so long you'd bank into your hip with every revolution if you tried to brace that base against your belly. I'm guessing it's for something like twisting rope or string - something that would require high rpm but low torque. Think of the early hand drills. Brace and bit - very high torque, very low rpm. Even the eggbeaters had nothing like the gear-up ratio this thing looksto have.
Just trying to fit a function to the form. I'd love to hear from someone who actually remembers. (Do we have any Senior members who are that Senior?)
I don't think I'd paint it, but if you must, natural for the handle, Colonial Red for the wooden body, black with gold pinstriping for the cast iron.