Bob
I'd guess the part on the right you refer to is the safety valve. Knob / screw on top to set pressure.
That pinhole looks awfully like a drilled hole to me. Complete with characteristic rise round the edge due to a self tapping screw being bunged in. Rus pinholes are, in my experience, generally rather ragged in appearance.
Folk have been known to put self tapping screws into air tanks to hold cables et al.
I've given up on thinking "No one could be that daft.", regardless of the situation.
Clive