Basics

A Device for Thermal Insertion of Metal Components into Thermoplastic Components
Allows things like Threaded Inserts to be inserted into Thermoplastics
More accurate, and efficient, than doing so by hand
Can probably also be adapted to Thermal Stapling ( Hot Stapling seems to be a more common term?), Heat Staking etc
Uses a similar mechanism as the Drill Press for the motion, but uses a Soldering Iron like device for heating the custom toolhead (perhaps a screwdriver?)
May also have use for precisely cutting thick synthetic rope (devices like this are in some marine supply stores etc, but are often out of reach, this with a blade toolhead, and a rope holding+tensioning jig...)

Off the Shelf Options

A Video by the YouTube Channel "Vector 3D" Titled "Why did I wait for 100k views before doing this?"
- Older title was "How Fast Can I Assemble... or something, didn't have time to watch it earlier, can maybe find it with the Wayback Machine
- The video showcases their new "VLMP (Vertical Linear Motion Press) – Heat Set Insert Press"
- It is a more standardized/adaptable version of their old design
- Benefit would be supporting their YouTube Channel, and the lack of a need to Self Source Parts
- As of 27/10/2022 it goes for £31.86 to £54.48 For Just Hardware to Everything Included Printed Parts
At least from a USA Context this seems a bit pricy, especially if shipping/import tax etc is not included in the price
- GRANTED the whole Support the Original Creator aspect
Also is only Semi-Open Source (as far as i can tell), so not great there from a "os puritan" standpoint, although this may just be a matter of pedantics (ie contact them and get the license sticker put on the webpage etc) and/or they are doing an Open Source After Break Even / Open Source After Initial Profit / Open Source After Next Generation etc
It also uses V-Slot Rollers instead of Linear Rails or Smooth Ground Rod etc, which granted it is not an aplication that needs anything better per se, but Cheap Linear Rails would be better in my opinion at least
Either way i think it may not make much sense to do this option, but that is just my ( User: Eric 's take)

Either a Pinecil or TS Series Soldering Iron ( MiniWare might have been the first to make it? It is open source-ish), both of which are Open Source

2020 T-Slot Aluminum Extrusion
Potentially even just (engineered-) wood / Acrylic / some scrap material etc if you are being cheap
Also Could use 3D Printed Parts for Base, although it would have less mass to hold it down/in place
M3 Bolts + Nuts

Cheap Linear Rails such as This 300mm Model by Iverntech (~21 USD) (Bearing Cleaning + Relubrication may be needed, comments seem a bit hit and miss on that aspect?)
Counterweight System using Screw + Washer or Water Bottle For Adjustments
Could also just use This Design by John Culbertson (Or perhaps adapt it from springs to a counterweight system, but otherwise use the same lever mechanism?
Also 3D Printed Handles (For Motion and Lifting) either way