The pointy thing below the Naga's mouth?
I do not think that our naga is holding it, based upon what I believe I can see in the photos I think it has a couple of functions, firstly, it occupies a position that would be taken by the gandhik if the Naga had not already taken most of that position for his head, secondly it is in a form that might well be able to be interpreted as a representation of a meru, or tumpal , these motifs represent Mount Kailash, abode of the Gods, resting place of the ancestors before they merge to become one with their own personal deity.
The meru has the nature of a shrine, the tumpal is only the name of the motif, but that tumpal motif relates to the meru & of course to Mount Kailash, these come back to the gunungan , gunungan from gunung, gunung = mountain, all mountains are related to Mount Kailash & are thought of as sacred. Mountains in turn can be thought of as not only related to the Gods, but to Siwa (Shiva) in particular.
The lower slopes of Mount Kailash are covered in foliage and these forested slopes are the home of Bhoma, son of Dewa Wisnu & Dewi Pertiwi. He is the guardian of the boundary between the seen & the unseen world, he is a protective spirit who symbolises growth and fertility. We often find him guarding doorways and gateways, especially temples & holy places.
In the wayang, the first puppet that is presented to begin a performance is the gunungan, the other name for the gunungan is "kayon" or "kekayon", this is from the root "kayu" = "wood" but what is inferred is "tree" & specifically, one tree, which is the Tree of Life.
Now, the Tree of Life is also known as the Kalpataru. So symbolically that gunungan or kayon is also the Kalpataru Tree, or more specifically, the Kalpataru tree grows upon Mount Kailash, but Mount Kailash itself then becomes symbolic of not only the earthly meru, but also of Shiva, the Gods, the ancestors, the Kalpataru. Life itself.
If we go to post #3 in this link that Rick previously gave us:-
http://www.vikingsword.com/vb/showth...t=pamor+poleng
we can see Pak Pauzan looking at his keris with Kalpataru pamor, this pamor symbolises life.
Now, if we look closely at the our little pointy thing, I am inclined to think I can see that curling upwards from its base we can see some ornamentation that looks like a lung-lungan motif, ie, a vine motif, and this motif symbolises growth & the natural world, so, the lower slopes of Mount Kailash.
It is a good idea to remember that in Javanese culture the more meanings & interpretations that can be attached to something, the stronger that something is. There are many more ways of thinking of just about anything, than only one.