Steve,
You are correct in how the screw works. I was not clear in my initial post but I did figure out that the square was a nut to secure the shaft. Once the nut came off, just a tap with a punch drove out the screw.
Incidentally, it should be possible to incorporate this type of screw into a lock with a bridal. The retaining nut inside would need to be more refined and probably with spanner slots. With care, close tolerances and a left hand thread, I think you could end up with a tumbler that just has an over size axle on the outside.
Jim