Mystery Pratt & Whitney tool - the cylindrical shank is exactly .500 inches, it says on the shank, the following:

NO. 32
HS.-36
E-12

P&W
MFD CT
Made in USA

it is NOT a drill bit.  The part that extends beyond the 1/2 inch diameter shows a wear line like it was riding in a keyway.  The point seems to be lathe turned, the 1/2 inch shank appears to be ground