Feasibility: Fa. Assmann Universa 80 as external storage device?

Hi,
I just found this odd-looking device on ebay.de and it seems like it is some kind of giant floppy disk, but originally intended for audio.

Anyone has experience with this, or similar devices?

1 - What is it?

2 - How does it work?

3 - Could it in theory be used/hacked into an external storage device for the Arduino?
Idea: Control play/stop/record using with digital outs. Use Manchester encoding to read/write data.

http://www.ebay.de/itm/Aufzeichnungsgerat-Fa-Assmann-/330607265081?_trksid=p4340.m1374&_trkparms=algo%3DPI.WATCH%26its%3DC%26itu%3DUCC%26otn%3D15%26ps%3D63%26clkid%3D2543282773856952521#ht_500wt_1145

Only a couple of hours left on the auction, so early input is appreciated. :slight_smile:

Thanks in advance!/Anders