The red cylinders are a telescoping cardboard container for the thermometer that goes into the middle of the spindle (seen laying between the red tubes and the tank). That stuff was well thought out, but I didn't find it all that satisfying in terms of picture quality.
You do not want sprocket holes, but the clear space between the holes on 35 mm film is probably only about 25 or 26 mm and a strip of Minox film is 9.2 mm wide, so when slitting you could only get two complete widths between the holes. The frames are about 8x11 mm, so end to end you could probably get two or three lengths, depending on the number of exposures you set them up for.
One of these days I should try my Minox just to see what it does with today's film technology.
I have a gallery page up from some stuff I did in the 1960s.