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Not sure, first thought that came to mind was some kind of maintenance stand for a bicycle. Maybe it's something out of a factory which was unique to it's role.
That is exactly what it is. The clamp bit closes to grip the downtube, the bottom bracket shell (the bit between the pedals) will rest on the plates with the convex upper edge.
As for the first item, this is indeed the handle for a set of taps. These are also used for bike building - mainly big ones for tapping the bottom bracket and the steerer tube, but also smaller ones are used for things like bottle bosses, rack and mudguard mounting points, seat tube pinch bolts, and so on. Many of these will take a standard bolt like an M5.
Oh, I see that this question has been answered. Case closed!
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