Hi Cogar,
I know nothing about these, and the height also made me think, but do you think that it was intended to be used standing so that the cobbler wouldn't have to jump up and down (for whatever reason). Looking at the square stem, is it possible that it's 'fluted' and made like that so as to give better purchase for the tightening screw? Again, I'm no mechanic so have no idea whether this would work any better.