Having now removed the one I was trying to get off, with an angle-grinder, the secret of the threaded bit is revealed!
The pin itself is smooth for the length which fills the hole in the shaft and lever collar. When gently tapped home the tip of the pin protrudes just the correct amount to avoid fouling on the bellhousing outer web, when the clutch lever is moved. The threaded part only starts from the "fully fitted" position to the outer end of the pin.
My assumption is that the threaded portion has been added, to facilitate removal by using a nut and spacer on the threaded bit. As the nut is tightened...the pin will be drawn back out of the hole! Magic, eh?
Does this make sense to you, David??