I'm gonna go with preform turkey tail turned scraper.
I think most things interpreted as effigies are more in the eye of the new beholder rather than the original owner. Like the "eagles" I've seen that are likely exhaused newnan drills.
I think that any point can go off course in it's production and then be utilized in some other way. They weren't much for wasting a good piece of stone/flint. Look at Hafted Scrapers which most likely started out as either points or were going to be points.
I just see a turkeytail turned scraper in that pic, rather than an effigy. But it's just an opinion.
Well here's my two cents. It is probably some specialized tool. The analogy I always
like to use is if you showed an Indian a belt sander, he'd probably think it was for cleaning buffalo hides. And the same could be said about our speculation on their tools. It was a completely different world back then, and they did things on a daily basis that many people go their whole lives without doing. So that's what fascinates me about these unique tools, but that's just my opinion.
I think what you have was used for shaft scraping/ hafting, and thinking more along the lines of a spokeshave, or variant tool. Intresting and good find!