Kinda looks like a "Red Sky mods".
That's my thought also. looks like one of the first VV designs that Brian came out with. It doesn't look like his work though, he was more detailed and precise. At one point he sold that style as a diy kit also. He cut the wood panels to spec and the customer took it from there so I'm thinking that what this is. I bought one of those kits back in the day.
If it is the diy kit from Brian at Redsky then the builder could have used any number of regulators but if I had to bet from the looks it's a linear 5v or vv regulator that was popular and sold mostly through Ebay or Madvapes during that time period. One battery won't power it, it takes 2 batteries stacked. For that mod two 18350 batteries would have been used. AW Button top was the battery of the day and what most people used back then.
The 1.75 ohm build on the Cyclone sounds of the time period also, back then and before anything under 2 ohms was considered low resistance and if you went under 1.5 ohms you were flirting with disaster.....ah memories lol
Just realized it has a hole drilled for the potentiometer adjustment so it's not definitely a vv regulator and not a fixed 5v.
Here's a review of the production model. looks like you have the kit version but confirms same design and you can verify battery configeration.
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