KWIL, if it is a thread that draws the toolholder into lock, the pitch and timing of the thread would have to be spot-on, because there is very little rotational tolerance for the 'locked' position. It would also seem that the thread would have to be LH, because the 'RELEASE' action is towards the operator.
Hmmm, thinking about it, the thread timing wouldn't be a critical problem, you would just need to make sure the main taper is installed in the tailstock barrel at a suitable rotational angle. That angle, and the pitch, would still need to be accurate so that the locked position had the 'wings' suitably engaged.
It sure looks like a handy device to get away from all the barrel-cranking / tailstock-moving to clear a large taper when changing tools.
Roger
EDIT. Looking at the last of the three pics, it appears that there is a weld seam running around the bottom of the uppermost of the 'wings' on the toolholder. Part of the normal construction, or repair of an over-stressed holder?
Edited By Roger Head on 31/01/2016 00:25:46