I have one, its an instrument that you chuck either in a collet or chuck and its for optically finding dead center of the lathe or mill.
It looks like a microscope with a shank, at the side laterally protruding out is the eyepiece, it works like this, mark out your work and scribe the line or center punch your bore, put collet and scope in headstock of lathe or quill of mill, bring work close to end of scope (about 3/16) (work is now on mill table or on the cross slide of lathe), look through eye piece and find your line or center punch mark, now rotate the quill or chuck 90* and look through again adjust the table as necessary.(your dialing in on the x-y grid method)
It’s a very accurate way of achieving your mark but its not user friendly by no means, I have found it not practical for bench top machines or up in sizes for getting access to the eye piece is a strain, but I can see where maybe a jeweler or someone who works on small precision mills and lathes would benefit from this. To be honest I don’t use mine much so I am in fact thinking about forwarding it on so I can purchase tooling I need more.
I hope this explanation helps. Anthony.