The object in question is the ink shut-off mechanism that was installed in Personal Point Dorics, and Coronets which was actuated by the contact of the inner cap with the exposed tab of the shut-off on the front of the section. As the cap is screwed on tight, the tab is pressed in toward the barrel. The tab is the exposed part of a shaft which at the other end has a cone shaped part sitting at right angles to the section bore. Inside the section bore there is (is supposed to be) a rubber gasket against which the cone seats blocking the flow of ink out of the barrel and into the section. These devices have the reputation as being merely a sales gimmick and many have found they do not work reliably.
Here's is a part of the patent drawing:

15 is the shut-off, 18 is the gasket
I wrote the following with some improved edits here about it:
Wahl-Eversharp Shut-Off Mechanism's did work, and they can be made to work again. I have rebuilt enough of them to know that what went wrong with them seems to have been due to 2 simple factors that people did not take care of. 1) If you do not flush your pen frequently (monthly or so), and worse, if you let your pen go dry from disuse, the solid residues from the dried ink will block/degrade the sealing action, and these solids will not always dissolve and run through the pen from
simply refilling and normal use and 2) the gasket against which the cone shaped valve seats stiffens over time (like about 5 years) and needs to be renewed.
I can not tell you how many times I have received a pen for repair from someone who got it back from a "professional restorer" only to find that the gasket is either missing altogether or is still there in its old brittle and non-sealing state usually pressed into conformity and looking like a part of the inner area of the section. In such a case replacing the gasket and making sure the inner cap is in the right position such that when the cap is screwed down the shut off mechanism is acutated deep enough to make a seal, has almost always fixed the problem.
Granted that the mechanism relies on a few spatial relationship issues being within narrow tolerances for it to work, but if I can get it to work properly, others should be able to also.
Gimmick? Of course, but a gimmick than can be made to work properly.
Wahlnut
Syd