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It is called an “Overarm”. Granted it is somewhat clunky. The purpose is to provide outboard support to long arbors (it swings down and aligns to the spindle, there is a bushing/bearing arrangement). Most horizontal mills are fitted with the option of some sort of outboard support (sometimes the pieces get lost and the next owner has to fab something up).
I see there is a LeBlond Regal lathe also for sale in Williams Lake (estate sale) assuming its the same seller, not much additional info, wondering if anyone here knows anything about it? thanks