I too have one of those "punch handles" and mine also is marked Bell Systems. My uncle used to walk daily along the tracks behind their home in east-side Dallas and found it there — along with a ga-bung-number of screwdrivers and some pliers. My first guess, before I found the BS logo/mark, was that it was to hold a file when one levels off the teeth before sharpening and setting a handsaw (can't think of the word at the moment), but the holding-notches running lengthwise in the jaws are out of line to hold anything but a 3-cornered file. Anyway, I PATIENTLY await whoever discovers what they're Really for.
Otherwise, has anyone seen the "winning bid" for that bunch? $152.50! I reckon it just goes to show… something, anyway. Sheesh.