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It is probably a slot car motor. CW Porter (I think that is his name) sells a series of small books about watch repair tools on Ebay using a similar looking motor for his pivoting tool. If I recall it is called a Falcon Slot Car Motor. You can purchase motors like that one on the internet for only a few dollars each including a chuck mounted on the motor shaft.
To make the item break the project down into small managable steps. Start with a hand sketch, not a cad drawing. There are no difficult machining steps on that device; just straight cuts and simple angles. You can do this.