Indicator and tips for?

Regarding the original question, I like to set up an indicator as this appears to be so it can be held in a quick change tool holder and popped in quickly for a measurement.
 
I think i had my depth mics calibrated from Mr Tool so i may give him a try again.

@Winegrower now that you mention it that could be used in a lathe tool holder possibly

Still curious on what you would use the tips for.
 
I use the tips to extend the reach, mainly. Sometimes depth of slots require that. I even made a tip that was about an inch in diameter to bridge rough spots, for example for setting up my table saw blade height.
 
Another vote for Mark if you need repair work done. I use him alot.
 
Any ideas on what that base could have been set up to be used for?
 
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