Tim, what an interesting piece......surely your example is an adze....but too ornate to be a 'working' tool.
I'm wondering whether in certain societies, carpenters (the adze is a woodworking tool), had certain status.
I'm not convinced that the figure is a stylized 'westerner'......if it is...'Andy Capp' may be due some Royalties
If there is intended 'comic' symbolism I think the 'tang in the anus' is a nice touch