Working on trying to figure this one out. I have my mom on the case. She got this reply from a friend who's family has been farming this area for a couple centuries: I believe it is some form of a jack for jacking up a wheel of some sort. It has similarities with jacks for wooden spoke wheels. I will investigate further.
Thanks Kate (and mom!) and all for the help and replies. I've put a lot of unsolved mysteries on here and most of the time they have been figured out. Although non-bottle related, I post them under unexpected discoveries or collectors chat and I believe others have learned from a few of these posts. I am leaning toward this being a jack of some sort with some of the wood missing on the right. I have some fence stretchers and they look a little different.
There is also a larger much sturdier one called a limber jack for commercial wagons called limbers. Limbers are much heaver than wagons and may haved to be lifted while loaded. Wagons jacks were usually kept in the barn while limbers had room to carry theirs under the seat with other tools and chains.