I gotta say that is an amazingly cool looking guitar. The era that was built saw many of those 'wacky' shapes. Guyatone may not be a brand I would dosh out $1200+ for, but it certainly may be worth this kind of money to a collector.
I imagine the trem will function like the ones on the German Klira guitars did. They are comparable to 7ender's Jazzmaster trems I believe.
here's another Guyatone Mo-copy

These brands like Guyatone and Teisco and Klira are all the rage in Europe at the moment, people paying ridiculous prices for those. Some even favor the plywood ones to the 'real' wood ones. Dunno... A fad that'll blow over soon I think.
Buddy of mine used to own one of these and we used to make fun of him for playing it

he bought it mailorder in the early, early 80s for 100 dutch guilders (remember those Veenture?) maybe less even, on a guitar show I visited last september somebody wanted €500 for it. ...and sold it... That's a 900% mark up for a plywood guitar.
What was my point? I forget...
Way cool looking guitar that Guyatone, I adore the headstock.