Perhaps.. who knows but unlikely as the handle is on the top of the cylinder.. the "wings" are on the bottom so this wouldn't seem like very aerodynamically efficient. I think that the "wings" at the base is for support on a hard surface
Crack the very top valve open, then grip the knurled upper and lower sections and turn in opposite directions, this will start the mixing of the two chemical agents and start the timed release of the resulting nerve agent. Be sure to evacuate the area, it's deadly.
The wire bail on top will allow you to toss it or tie a string to it and lower it down into a bunker or cavern were the enemy may be holed up.
Is the piece brass? It looks part of a pressure relief valve used in heavy duty pumps and sometimes steam lines. Do you know if there ever pumps or steam machinery used in the tunnels?