It's a Plomb made u joint with a ratchet plug in it.
It would appear so, and this...
From here both look 1/2" though.
...would of course make the most sense.
But if the OP is simply not badly mistaken about the size of the male drive stud, wouldn't you agree with me that it's weird?
Instead of going 3/8-inch male to 3/8-inch female or 1/2-inch male to 1/2-inch female, which were the two universal joints typically offered and put into various Craftsman (and other) sets in the mid to late 1940's, it goes from 3/8-inch drive male to 1/2-inch female.
Like an adaptor. Very much like an adaptor, in fact, except it's a universal joint adaptor.
But for what?
You could insert a tool with a 1/2-inch male drive stud (ratchet, hinge handle, etc) into the 1/2-inch drive female opening to drive 3/8-inch drive sockets.
Or, you could insert the 3/8-inch male drive stud into a tool with a 3/8-inch drive female opening (female ratchet, extension, etc) to drive a a tool with a 1/2-inch drive female opening (extension?).
Either way, it's a little odd.