I think it's
a gasket cutter too. However all things circular with in its radius range are possibilities. It can be used to cut all mentioned above but can also be used on thin wood and metal like tin and bronze and brass. My thoughts for application include wheelwright, mold maker, tinsmith, clockmaker, hat maker, cooper, turner, ship skills like pulley maker. Not all are wood crafts, but it's a handy tool.
By the way, I look forward to the photos. Keep em coming!