Agree with Ken. The blue thing is an indexing wheel. I have one set up for use on my drill press. I assume they used some sort of chucks to hold things in the other end. Pretty clever idea. Mine looks like this. Can not remember where I bought it though.
The last time I used mine was to make this pen and drill all the tiny holes in the bands. I tried doing it on the lathe but would get too much wonder with router bit. Decided to go the drill press route. They are versatile and easy to use. You can set them up for various tools and operations.
I used the built in indexer on the TurnCrafter. Made a jig to hold my Dremel mototool. Fluted some knife handles. How many have Conway Stewart knife handles!