I'm not sure what you're describing Vidar, was exactly the same thing, but nevertheless along the same lines all the same.
The Viewmaster was simply a stereo 3D effect viewer which you held up to the light.
The images I recall, were out of this world back in those days. You'd never seen anything like them! Felt like you were there in the set, with a little imagination.
I can't remember what format of film was used to create these stereo still images, but whatever they were, they were truly amazing.
Naturally, the projection system introduced by GAF for these discs, came much later and then just produced standard 2D images on screen similar to a regular slide projector, but as said, I never tried viewing the discs using this method sadly.
There was other similar devices designed for youngsters of the day. One was the same idea except it used super 8 movie film to hand crank on a "What The Butler Saw" principle.
I remember first seeing Lonesome Ghosts through one of these as a child.