That style of tool post doesn't necessarily need a dowel in the hole.
Accepting that the clamping geometry is inherently unsound the system can either be made to pivot or come up tight when the flat surfaces parallel to the opposite side of the post come almost into full contact when locked.
In the first case a dowel in the hole provides a pivot point.
In the second case its important that there be no corner to pivot of at the junction of the two faces hence the hole. Considering the action of a system with a separating spring under the locking screw its clear that as the lock is tightened up the virtual equivalent of a pivot point slides along the flat faces as the angle reduces. Theoretically, for best performance, the virtual pivot should disappear into the dowel hole before full lock is achieved.
It is perhaps instructive to consider the exact angles of the dovetails and accuracy thereof needed for theoretically proper operation of either version. They are clearly required to be different.
Clive
Edited By Clive Foster on 25/07/2020 12:25:20