That is why I do not think is an oiler... Can't find what it would lubricate. There is nothing underneath it. Here is the photo of where the table sits... you can see the center is open... unless it is just a pin that serves as a maximum/hard stop mechanism if you forget to set the stops on the front...
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That might just be what it is for... if that is the case, then it should be something that I can make and replace... fingers crossed...