Odd Starrett Tool, Not sure what it is

Lots of tools at my last auction and this one remains a mystery. Stamped L.S. Starrett Co. who still makes high end precision measuring tools and such and I have a machinist background but I have no idea what this particular tool is.

The long tip rotates freely (not sure if it is supposed to but it does), The black handle will loosen and screw out, Both the inner and outer dial on the front side will rotate but they don't seem to control anything, The end of the tip is a purposely formed pyramid shape.

Any ideas on what this is and what it was used for would be much appreciated.

Thanks.... Doug