It's for an analog signature analyzer, with a digital twist rather than a CRT (like the Huntron Tracker 2000), measuring voltage over current, like the old octopus adapters for an o'scope.
At lower frequencies, it may very well be possible to do 2 successive AD conversions on 2 different channels, and get good results. But, go to the higher frequencies, and that 2nd AD result will be somewhat skewed.
With a regular ol' PIC (e.g. PIC18F types), about the best you can do is 12us between AD conversions on 2 different channels. With an input signal freq of 100hz, two successive samples spaced 12us apart are only about ~.43 degrees different. Jump up to 1Khz, and the same sampling rate ends up getting spaced out by 4.33 degrees (assuming the input signal was a sine wave). (10Khz = 43.3 degrees differences).
The original plan was to use a couple of PIC12F1822's, sync'd and triggered to take samples at the same time and send the data back when selected as required. More chips, more pins, more programming...