I just saw the item on the Monster drawing set, which looks like great fun, and did a little quick digging. This is what I came up with.
The Create and Draw Monsters Complete Electric Designers Set was made by Lakeside Lifetime Toys. It comprised a mains-powered lightbox, with a 15 Watt lamp.
Translucent sheets of Monster elements were placed on the illuminated drawing surface, and traced on to a fresh sheet of paper. The Monster or scene was made up of various bits and pieces, in any combination you choose.
The set came with several Guide Sheets, coloured pencils, etc. The box having a lift-off lid.
The end of the box says Copyright Lakeside Toys, MCMLXIV [1964], Division of Lakeside Ind., Inc., Minneapolis, Minnesota. Made in U.S.A., and various Patent numbers.
Lakeside would later come up with the Barrel of Monkeys game. They also made other games, as well as puppets, and bendable figures.
Four photographs from Worthpoint
Paul Adams from New Zealand