This is new old stock that I cleared from an old scooter shop a few years ago , theres a picture of it in the official Lambretta home workshop manual, in the transmission section, in my copy its page E20, its for checking primary drive alignment (tool no. 57865 ) the dial guage is a seperate item.
maybe not the first tool that springs to mind when building or repairing an engine but if you are collecting or are building up a tool board with original tools as on earlier workshop manual, its essential.
(tool no.57865 , dial guage is a seperate item)