The two tips should be for the same weight fly line. It was common practice (still is with bamboo) for the better quality bamboo rods to be sold with two identical tips. This was in case one got broken and also to help stave off putting a set (a more or less permanent bend) in the tip section from use.
As far as I know, the Allcock rods were production rods made in a factory and not hand-built custom rods. They were (and still should be) very good fishing rods, they just are not in the same class as Leonard, Winston, Payne, Powell, etc.