Rody has it.
It is a tsukamake stand, You use it to do the wrap on Japanese handles.
The sword or knife is put through the tube and chocked in with a wedge. The bungee cords hold the tube with enough tension to prevent slipping, but will allow rotation by turning the large ring. The handle is wrapped on one side, rotated,wrapped on the other.....over and over. Clamps can be put on the wrap to hold it while your fingers take a rest.
It would work for paracord wraps and the JT wrap,too.
I'll post a photo of it in use tonight.
Stacy