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You can get lots of things remarkably similar at the 'Adam and Eve' shop in Fyshwick........... .Pete
Look for on/off switch.
Spark plug case.
:Por a wind up key ;D
I have Mick Walkers book , it has diagrams of all the special tool kits for big twins.. nothing in any of the pics looks like your blue plug.is it solid or hollow.. it doesn't look like anything you'd hammer on, could it be to measure something, or a placeholder of some kind?. does the color match some of the other tools so it's for sure from the kit? those are sure pretty tools.
I have no idea but my first reaction was that it was some sort of alignment or a seal/bearing tool. After a second look I'm not so sure. :BEER:Matt
Its solid steel, looks to be a factory type tool but I can't find anything in a Guzzi tool diagram that looks like it, I will probably find it handy for something down the road.