I first saw this on the flex coat site and they used it to sharpen guide feet before wrapping on rods and the threads transition to the feet easily. It is a very handy tool for sanding small things as well as sharpening knives.
You can shop around and get them for 69.
http://www.worksharptools.com/knife/featured-products-home-knife/work-sharp-knife-and-tool-sharpener.html
Mine is 7' tall on it's stand and uses 4" wide 8' long belts....but the replacement price is over $2000. One like yours will work for shaping CF and metal washers, AR dogs and many other things we do... and you don't need a barn to keep it in.
Wish I had enough land for a barn. That would be cool to have for a workshop. I have to manage my space wisely in the garage. At least it was built big enough for a golf cart so I have space for reel and rod building and a place to clean my rifles.
More land=more work I'd like a smaller property and a bigger barn....preferably close to the coast.