No. I could only imagine it would be quite painful to use. Barry got one of these out of a locker on storage wars the other day.
I think that steel hook is not a cutter but a square guide. The end of the peg has those notches, as if to hold against something. It's some kind of a bench dog or variable clamp.
Red is zeroing in on it. He is very close. It has a very specific purpose. As for the size, It is made to fit in ones hand so probably 5 or 6 inches give or take.
Why wood and not all steel? What ever it is gripping . . . they don't want to scratch it or it is slippery.