I remember seeing that Var used to make a pilot to use the #32 Head Tube reamer to also face the bottom bracket shell.

Maybe that is what is on the left of the cutter in the picture ?
I think United Bicycle Tool also made that bit, too.

It saved you the considerable $ of buying a separate BB Facer, although you had to go through the trouble of taking the whole tool apart and back again.

I had a Var BB Facing tool BITD. The cutter was nice and sharp, but the tool used a simple male pilot that wasn't very accurate.
I sold it and ended up getting a lightly-used Park one (with the threaded pilots) and it works about a thousand times better than the VAR.

I still have my old VAR 32 head tube reamer / facer and it works great.