Neat little lathe. Similar to a "second operation" lathe. A second operation lathe will normally have a turret tailstock for drilling, reaming, tapping etc.
Keep in mind the work piece can be held in the cross slide and moved across a cutter such as a slitting saw, Woodruff key cutter etc. When working round stock this can be used for shouldering,grooving, fine facing operations, cut-off operations. The uses for the knife maker maybe limited but still a very neat piece of equipment.
I think the lever with the round knob works the cross slide back and forth. Most times there are a set of stops to limit travel both ways. It also looks like it has a hand operated collet closer.
If you look at the set-up in the cross slide it may have been set up to cut-off or groove at a set distance from the end of the work piece. The longer bar closest to the viewer looks to be a stop, with the cutoff/grooving tool set more inboard to the collet.