Thanks for the recent responses to my post. I did a little more research on this tool. This tool is actually called a grinding wheel dresser. This tool is used to dress your grinding wheel when it is no longer horizontal. In other words, when you look downward at the grinding wheel and it is no longer parallel to your tool rest. The edge looks uneven. To fix this you need to dress the grinding wheel.
BEFORE you start dressing the grinding wheel, put your safety goggles or full face shield on and a respirator because this creates a lot of flying particles and dust. To dress your grinding wheel, you place the grinding wheel dresser on the tool rest and with the grinder on, move the grinding wheel dressing tool in a left to right motion until the grinding wheel is dressed. That is it. Did I miss something? Let me know. Cheers.