It's for AVR tests. Goes inline on the negative battery post. The part with the set screw goes on the neg. post.
The part with the taper is for the neg cable. The other posts are for voltage and amperage. There was an
adapter for side posts. I have slept a few times since the 70s. Took some ramblin' around in my brain.
You might find some more info at Collecting Snap-on. Look on the pages with AVR testers.