I picked this up at a yard sale for ~$2 about 6 months ago and have been trying to figure out what the heck it is.
Any help would be greatly appreciated!
UPDATE 4/26/20 - added more pictures.
And yes, it does pivot - there seems to be a spring of some sort in there.
While there doesn't seem to be complete understanding, it sounds like a double marking gauge of some sort. I appreciate everyone's assistance on this! I'll have to figure out if it's worth me trying to understand it, or repurpose the pieces into something more interesting!