What does the blueish (or whatever it is, I'm colour blind) staining on the chamfer look like it could be? Ink?
Whatever this is used for, I think it's probably infrequent, and not requiring a lot of force - the finish on the wood is essentially brand new, with no dull spots from repeated, heavy use. Additionally, the threaded area is infrequently used, or it would be shiny. If the threading action was meant to punch or secure something, the handle would also be a T-bar to allow for greater force to be applied. It's more of a locking mechanism than anything in this configuration.
It looks more like an accessory to me - a handle that can be added to control some part of a machine.
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-Scott
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