I believe those are old valve seat cutting tools. They would typically have a few different angles like A 30, 45 and 60 degree angles. The pilots are the part that would go down into the valve guides to center the cutting bits. Normally they would come with a few different sizes like 3/8" and 11/32" and each size might have a range of sizes to compensate for worn, or different sized guides. They did a decent job in the hands of a skilled operator. Not anything like you would get from stone grinding setup or todays high precision seat cutting machines that weigh in at a few thousand pounds. I have seen them go for decent money on ebay. Is there any brand name on them? Sioux is a pretty common manufacturer of those but there were a bunch back in the day.