Possibly a cobbled together unfinished project. Where's the downfeed? The pieces that fit on the column look to be made from barstock, not castings as you normally see on factory made drill presses.
I've seen a few of those over the years, that handle may be a replacement. The place to find more info on those is Roger Smiths books. Did you get the Chaplin? That could have been a better plane.
With all the disclosure rules and inspections these days before you sell a house, the asbestos issue will always come up. And if you have to bring the pros in to clean it up, you'll pay big time.
Just wait until you try to sell that house. Those ceilings will seriously devalue the house and you may end up paying to have it professionally removed at big bucks price. Much smarter to deal with it yourself while you still can.