thanks for all replies guys...
Its definitely HO gauge...and I would think it qualifies as some sort of test station - and not part of a layout.
There are more knobs, switches and buttons on the ends (cant see in photos) - so I doubt it was part of layout.
I'll try to add some more photos.
In addition to the 2 banana plugs (on top) - there are also 3 sets of LEDs - 2 Red on each end - and 2 green in the middle.
Overall - looks like late 1970s electronics...