I'll bet this was a stationary engine designed to run at a constant speed to pump water, generate electricity, etc. It looks to be a very nice build. I built a scooter, mostly wood, when I was young, a thousand years ago, with a Maytag constant speed engine designed to run a clothes washer which used a similar speed control. My family also had a reel type self-propelled mower that used a pully tensioner/clutch and v-belt drive. The system works fine, but it will go through v-belts at a fairly high rate. Nice job, young man.