I built this in 2012.
1) grabs the PowerPeg and spins it at 300 RPM
2) smoothly moves in a countersink from the right
3) removes sharp edges from the PowerPeg threads
4) ejects the PowerPeg
Low budget, but she's a beauty. Since the first production run we have integrated this process into another machine, so this one is retired.
It looks nice on my bookshelf. I have come to appreciate the unfinished look. It's like an art piece.