You may be right there scrimper, I seem to remember 2 separate foot pedals, fixed together (not 1 big rectangular one like the machine in the OP) and I certainly don't remember any drilling bits & bobs, nor any extension shaft coming out of the drive wheel.
BUT (big but!) "remember my memory" - never brilliant at the best of times - assuming I was exactly 10 at the time, then as of yesterday, my use of that machine was exactly 61 years ago! So my "recollections" are not going to be terribly reliable, sorry.
Interesting posts/topic though. Hobbies was certainly a well-known name in the past. And I don't know they made lathes as DTR said.
Your earlier info about a name change to something completely ridiculous rang a bell too - off topic this (sorry), but just as another glaring example, the US aircraft manufacturer Douglas was undoubtedly world leader in commercial & freight aeroplanes from before WWII onwards (DC2, 3, 4, 6, 7, 8, 9, & 10). They got taken over by McDonnell (builders of the Phantom and other famous fighter aircraft) and from then on became "McDonnell-Douglas", subsequently producing only the MD-11 (a sort of souped-up DC-10, and the MD-80 & 90, souped-up DC9s). None wildly successful with the possible exception of the MD-80. But McD-D have now disappeared completely and what little that's left is owned by Boeing (under the Boeing name!). Remember that Boeing started out as being an also-ran compared to Douglas in the civil aircraft field in WWII, then they slowly overtook Douglas, and finally gobbled them up! I don't suggest that changing names is the whole story but I do firmly believe that this daft management story did play a significant role - as in so many other cases.
Anyway, I digress, sorry everyone. I look forward to getting that Hobbies book.
AES