Re: Weird 'thing'...
I think the rotating external shaft on this device is key to understanding it, I've messaged the OP for the high-res pics. Also, as far as date, is that PVC wiring original? If so, the wooden case denotes 'instrument status' rather than age.
Re. electric vs. pneumatic control; yes, it's the tubular pneumatic transmission that is slow, not the action itself which can be remarkably fast. Hence the widespread use of electropneumatics - electrical transmission to an armature-valve magnet, followed by pneumatic force amplification.
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