The small hole in the end of the drill bit reminds me of the "fish bits" I use for wiring work. You can attach a wire and pull it back through the hole using that small hole. The main assembly almost looks like it could be a temporary dog (i.e. workbench type - not the pawed variety). Are there any aircraft assembly plants nearby? Is the a through hole in the main assembly and if so, does the small drill protrude when the main assembly is fully expanded?
Interesting piece.