What are the numbers above 1,2,3, are there lights under the holes? ---separate bulbs, or a neon tube arranged in a circle
Have you taken off any side panels ---is there electronics(tubes), have you plugged it in yet??
If it has electronics and you intend on making it work the electrolitic capacitors should be replaced to prevent damage to other parts of the electronics (transformers, tuning coils) that are special to this machine ---resistors, capacitors are commonly availible, the transformers and coils are not
I suspect that the spinning wheel lights up some of the holes to show where to put theeights, one indicator tells inside, outside, an adjustable control for sensitivity
searching the patent # could help
Is the spindle movable (loosly mounted)
probably a power switch, and a motor switch to start spinning, a knob to adjust speed
inside probably a shutter wheel to sense location, a signal generator to sense vibration, electronic amplifier, power supply to trigger a neon tube ---spin up the tire, watch the flashes through the holes, turn the knob on the rod ---this is all a guess---it could also be mechanical, take off the side plates and take more pictures