That theory works for me. Making a wooden hammer is a typical first project for the hand-tool woodworker — so perhaps the metal smith had a similar hello world.

My first thought was that the thing was some kind of "hub" for ropes used perhaps in some tent design. I was imagining rope loops passing through the holes and then looped over a stud on the other side. But the article says there are no signs of wear and so not a tool.