The machine is a (Morso) guilotine. Overcut mount cutters are great for some pictures (not oils though). A cheap version can be bought for a tenner.
It is a good skill and kept me fed for a year or two of hard times.
Complex stuff is tricky and needs great skill or good tools. Oval mounts are a pig to cut freehand (but I knew an old guy who could do it - I just used a machine). Swept frames are a pig to make and harder to restore. Flipping water gilding is so painstaking.
That said a nice, basic, rectangular frame, with glass, mount, back board etc. is well withing the reach of anyone with a few cheap hand tools.
Go on Tengu - have at it!