What is this tailstock tool?

[MWF FEED]

I've got one or two things with the Graziano that I've been unable to figure, mostly I think they're just random orphan bits.

This thing however, is driving me nuts, because I've seen a picture of this exact thing before, I think it was in one of the 'shop made tools' type threads on one of the other forums. But while I've seen it before, I cannot for the life of me remember what the point of it was. The obvious answer would be you put tool bits in it, but why on earth would you want to run a toolbit in the tailstock?

IMG_20210404_225051_1680x945.jpg (https://metalworkforums.com/attachment.php?attachmentid=391479&d=1617541336)

IMG_20210404_225041_1680x945.jpg (https://metalworkforums.com/attachment.php?attachmentid=391480&d=1617541336)
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