Quoted from Richthofen:That is a flipper alignment guide. Almost all pins have them installed at the factory. The idea is you stick a toothpick or other similar thing into the 'pin' (which should be hollow) and it shows you where to align the flipper's at-rest location.
Not exactly. The roll pin was installed at the factory so it was above the surface, and when the flipper bats were installed (at the factory) the back edge of the flipper was held against the roll pin while the flipper crank arm nut was tightened. The roll pin was then tapped flush with the playfield surface.
The "toothpick in the hole" method often results in a flipper bat that is not parallel to the metal ball return lane guides; a better method of alignment is to use a straight edge along the lane guide and adjust the flipper bat so it is parallel to the straight edge.