Originally Posted by Mike Mills

No, no, no. Those holes are symptomatic of advanced form of filiform corrosion, fatigue cracking and spalling. They are a sure sign this frame is about to die on you. That's why you got it for such a good price - the frame is toast. The "screw shaped" feature is probably tried to use a plug to fill one of the holes.

Send it to me. I promise to preserve and protect what's left of that frame.