Geoff, thanks for the photo! Please write for us the text on the 40-pin IC. As Elizabeth Simon wrote, it is likely to be a microcontroller, but it might be a UART Universal Asynchronous Receiver-Transmitter, a pre-microcontroller pin-programmed serial-port chip from the 1970s: General Instrument AY-5-1013, National Semiconductor MM5303, Texas Instruments TMS6010, Signetics 2536, ??vendor COM-????. The over-twenty-year-old Intersil or Harris HD6402 is the newest version I know of. The 555 would oscillate at 16 times the baud rate, with 6% tolerance, so the Trimpot would set the exact frequency.
The chips are socketed and the board is perfboard, so this is likely a homebrew project. The workmanship is excellent. What text is on the front and rear panels? How do you know the unit wants +12VDC? Does it want -12VDC also?A memory keyer would require three pins besides power and ground: left-paddle, right-paddle, key-line to transmitter.