The real mystery is what in the world that other board in the box is. There's an AY-3-8910 sound chip on it, along with an analog-digital converter and some kind of 32x8 FIFO buffer chip. Unfortunately without any documentation or the software to drive this thing its real purpose is probably lost to history. Shame they don't have that and the computer to go with it.
The 32x8 FIFO chip is probably for the SC-01 Speech Synth chip. My guess is that a Mod I Level 2 keyboard plugs into this box to expand it. The SC-01 is most likely used to reproduce the Speech Synth box available for the Mod I. The Perfboard connects to the expansion connector on the LNW board and the keyboard port (J4) is available to plug in the Mod I.
This is a neat example of home-brew TRS-80 kit building. The boards were most likely assembled by the owner as well as the wooden case. It would be a great addition to a TRS-80 collection.