Reddit reviews South Bend SB1346 - Rocker Tool Post, 13" Lathes

That would be a tool holder holding a cutting tool mounted on a cross slide vice like the other poster said, usually used for metal work. If you wanted to use wood tools by hand you would need a tool rest to mount in a holder. It looks like you may have the holder for that, on the bed, between the vice and tailstock, turned around backwards, its partially hidden by the wood so I can't tell.

Thanks! Yes I have the hand tool rest turned around backwards, I just put it there out of the way since I didn't need it, I have teh mounts on the part in question set up so that I can remove it without sliding it off so that I don't have to remove the end and wood rest every time I want to use it. It looks like I am missing the lower ring as seen here, currently I am using some nuts as spacers to get the tool to the proper height.