It is most definitely NOT a speculum. It would never work. As a woman and mother I've seen enough to know what one does and this would not be able to do it. Plus like someone else said, this is not a precision instrument. It looks like a cheap kitchen gadget that never caught on.
As for the fishing weight mold, sure it would get hot, so you would have to use heavy work gloves with it.
If you can't see the bright side of life, polish the dull side.