I am not sure that that is a valve machine next to it. It looks like it may be a machine that shops used to reline brake shoes. If that is the case, then the press looking tool may be the riveter to rivet the new brake lining on the used shoes. The circle looking base may have been used for an assortment of adaptors. Back in the early days, shops actually relined shoes in house. Removed the lining from the shoe, ground and molded the new lining to fit the shoe, and riveted the new lining to the shoe.