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I use the regular end whether the balance is attached to the cock or not- and also small screwdrivers, or broken oilers that have been reshaped at the end. Depends on the watch. The other end of your does look like it would also work for moving the collet. Whatever you use is OK as long as you don't mangle the spring or kill a pivot!

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Well, I put this tool into use this morning.  Working on an Elgin 12s pocket watch.  I needed to adjust the beat.  A little scary...but it worked!  Not sure if it is the correct method, but I put the cock on a balance tack and extended the balance wheel downward so that I could slip the tool between the coil and make the adjustment.  Would have been trivial with the spring removed of course.

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