That is a Variac or similar, possibly a well-done home made. Very nice--Wish I had it. They're used in radio/TV repair and other industrial applications. But it's not what you need for the enlarger. I'm not familiar with that particular one. It could also possibly have circuitry that makes it a voltage regulator. You should have somebody take a look at it and see exactly what it is. If it is a voltage regulator, and IF it has an equal or higher power rating than the enlarger's power supply, you might be looking at something that would be perfect for color and high-accuracy black and white work.
At any rate, it's a nice box, especially for a compulsive tinkerer like me.