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Vintage machinist tool part gadget w bakelite handle


Vintage MACHINIST TOOL PART GADGET w BAKELITE HANDLE
I can say with 100% certainty that I don't know what this piece is. At first I thought it was some type of stopper, but I think it is a tool part. If you can help, please email. I have had this a long time, and I would like someone who can use it to have it.
The shaft of the piece is made of stainless steel. There is an adjustible stem that goes through the shaft. The stem has a rubber washer on 1 side, and the other side has screw threads and a cap.
The handle is made of red and butterscotch bakelite. I tested it for bakelite with simichrome polish, and it tests positive.
The piece is 2 3/4" long and 1 13/16" wide. There is no maker's mark.
The rubber washer shows some wear. Otherwise, this piece is in good condition.
Please ask questions! I do my best to describe items, but I am not an expert in all areas. Most of my items are vintage. They will naturally show wear from years of use. I describe each item to the best of my ability, but I cannot always detail each flaw. All items are described with honest intent!
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Vintage machinist tool part gadget w bakelite handle