I've always closed my bails by hand, I thought everybody did?

I also learned open-face casting on a Mitchell 300, still have some in my closet.

That is a Bicycle Wheel Tool for tightening spokes. I have one exactly like it.

How does it work if the holes are round?

I've been doing some googling and I can't find the exact one the OP posted but I think it is indeed a fish hook remover. Not that it wouldn't work for other applications.