Oh boy have I got a good whatzit for you today! At least I think so. Check it out (click to view larger version):
It's metal, you can turn the hand crank which causes the two rollers to turn, and it's a pretty sturdy little machine. There's a small tab in front that can move back and forth adjusting... something.
From the back:
There are a few more photos, including of the text on the object, in our Flickr stream. Take a look at them, then come back here and give me your best guess on this mystery machine. All will be revealed early next week.