Yes, it certainly is an instructor's console for a Link trainer. Neat find. If anyone would like to see more about the Link trainers, here's a ....link .... http://en.wikipedia.org/wiki/Link_Trainer
The neat thing about the link trainers is that they didn't have digital electronics, or even "electronics" as we know today. They were "electro-mechanical" devices. They did things like measuring air flow through progressive size holes in the rotating base to determine horizontal compass position. Switches snapped closed or opened current paths to relay primaries, strings of relay contacts provided the logic to model events.
I am very proud to have been a Navy "TD," or Tradevman (Training Devices Man) Chief. The TD "rate" (Navy military occupation). The first TDs were Navy Electricians and Machinists. The "rating badge" was a Spark (representing the Electrician) passing through a Gear (representing the Machinist). If you are interested here's another link http://www.tradevmanassociation.org/history.html
Very nice find. Thanks for sharing it with us.