Having trued lots of chainrings (a sort of sub-specialty for me, although it usually the spider I'm bending), and trued lots of wheels, the nipples are a bit of a puzzle here. It looks like an entire additional ring has been added inboard of the small ring, which I find unfortunate in terms of not having the "expected" look a production item, but with of course really no other way to accomplish the job.
It must be quite striking in person though, and the guy apparently made his own spokes.

I have to wonder how many old bikes have been sacrificed to these Toei builds. It's an interesting hobby culture where the owners are apt to get creative, much like with custom cars.