Just so you don't think anyone cares to comment I will take a stab. ;>) Ilex had their own shutters and I would assume that if it is a barrel lens it was either for enlarging or graphic arts (also essentially enlarging). If you don't have anything else to enlarge a 4x5 or need a really small print from a MF negative it might come in handy. At this point I'm not tossing any usable lenses that come my way so in the same position I would keep it. I do have an Ilex Paragon Anastigmat 7-1/2" in an old art deco looking Ilex shutter and it takes a pleasant photo so my guess is if you decided to use it that way you wouldn't be terribly disappointed. Of course it won't perform with a modern lens. I used it once for a color photo and it did not perform as well as the 135mm Xenar that came with my Crown Graphic. I also used an old Wallensak enlarging lens with orthographic film once. Soft but detailed (if that makes any sense).
Enjoy the lens,