Ok, I should have started with this in the first place. My bad! Lesson taken!
The image below describes a circuit that is used to provide a "DC" signal to a variable speed drive. The output changes with respect to the position of the iron core inside the variable inductor, as does the output voltage. I don't know what the VSD looks like, however, it is apparent that the speed control has some filtering so that as the waveform changes, the area under the curve changes, thus achieving a variable DC input.
I've also realized that the duty cycle must be less than 50% or this simply does not work. What I'm hoping to understand, in the near future, is how critical are the 0.22uF capacitors.
It looks to me that with the iron core inserted in the variable inductor, it effectively tunes the circuit to be critically damped. Then, with the core removed, the circuit becomes slightly overdamped.
Ultimately, I'm trying to come up with a setup/repair procedure so that the response can be repeated with new components in place. Here are the images:

Please share any insights you might have. This is the first time I've seen speed control done this way. Thanks!