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As @dangeek suggests, its a hydraulic crimper, for attaching terminals to battery leads etc.
It comes with a bunch of different size dies, one of which I filed down to make the bit that does the dimple, I also brazed a little stud (thats how the 'bits' locate into the whole thing) into a bit of rectangular steel bar then wrapped that in innertube in order to spread the load along the back of the stay.
Could probably do with a longer dimple former bit as I had to take a few stabs at it and it's a little bit rippled but it'll be fine.
M_V
Have I missed the details of this somewhere? If not, details please. I'm about to make my own chainstay dimpling tool. I was going to go with a boring old screw thread for pressure, but hydraulic sounds appealingly over-engineered...