Hi Simon,
what is the barrel bolt for?
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Not my photo but that looks like a home-made trem stopper. If you have a fully floating trem and a string breaks, you can slide the bolt forwards so that the trem block rests against it and the other strings stay in tune. You can also use it of you only want to do downbends but have your trem set off away from the body a bit (so upbends would be possible). You can buy more sophisticated versions but that one does look like a domestic furniture bolt! No easy positioning adjustment once it’s screwed in place apart from filing the end of the bolt.