It's an illuminated gauge. I bought that off ebay because I needed a pressure gauge. This one is neat because it also has a 300-foot depth gauge on the back, making a compact console. I saw that scew cap in the ebay advertisement picture, and assumed it was for mounting a compass. I got it in the mail today and it had me puzzled. Now that I know what it is, it should have been obvious. But I just didn't think of an illuminated gauge.
Anyway, I looked through the the Skin Diver magazine collection at the USF library tonight and found a write-up on the "Farallon Illuminated Diving Instruments" in the February 1973 issue. Cool!!! I'll get a battery for this gauge and try it out.