It is a 1,000 VA core with a <300V winding and <=3.5A gauge/contact.
Using it at 120V means "you paid too much". If you ordered the 120V version it would have fewer turns of fatter wire, still 1,000 VA and ~~7 Amp limit. Or if you wanted 120V 3.5A it would be smaller, lighter, and cheaper.
> gave this to me
Then you didn't pay too much. And the "excess" weight is probably not a problem.
Core losses at 240V are probably under 2%. This drops at 120V but not enough to count.
The wire gauge and sliding contact were scaled for 3.5 Amps. You can't significantly raise this by running 120V. Any reduction of losses will be quite minor.
Call it 120V 3.5A.
And frankly: why would you need more? 420 VA will support any tube amp to 150 Watts.
An amplifier with a 3.5A fuse, in overload the fuse will pop in a minute. This Variac in overload will pop (smoke) in a half-hour. You are probably fine testing amplifiers with 5A fuses.
How will you use it?
For starting-up sick amps, at low "line" voltage the load current will tend to be lower than normal. And you probably won't run this way for very long. Many minutes, not hours.
If starting a HI-power tube amp: these generally idle much cooler than their full-roar demand. I would not fret about starting a idling 200W tube amp on this, even though the full-roar load would exceed the rating.
And the rating is conservative. These things get used in 24/7 industrial controls. I'd be comfortable pulling 1.5 times the rating for a quick one-minute output-power test. I'd expect it to carry 2X rating for a short time. Yes, you could probably clip-test a 300W SVT, though if you get in the habit you might eventually kill it. (But compared to the cost of owning an SVT, buying a proper Variac is teeny.)
DO: use a lamp limiter after re-wiring. Variac connections can be confusing; you can wire a dead-short which would be bad.
Ponder what you want. For sick-amp fixing, you "never" want the voltage-boost mode. Either wire it for 0-100% (the end terminals) or at least put a big mark where "100%" happens and don't go past that carelessly. (I guess the 280V/240V switch does that; re-mark as 140V/120V.) OTOH in my 108V office I could have used a boost to get to 120V nominal.