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Bob, did you happen to note who manufactured that hoist engine? Love old stuff like that.
At first I thought it was a compressor but the gear ratios don't support that. I'm assuming it's a single cylinder steam engine. Do you have any other insight?
Looks to me like a hit and miss gas engine. The rocker arm is likely for the exhaust valve and the intake probably just opened against a light spring. Thermocycle water jacket was probably hooked to a water tank of some sort. I've never seen a poppet style valve on a small steam engine. Almost all were slide or piston valves. And they wouldn't have had to haul a large amount of water to keep that one going.