The shape is not that uncommon, but I think it was sort of a "joke". Hey, look at me and my upside down pipe. I've probably seen a dozen of them.
The ones I've seen were drilled through the top of the shank at an angle down to the bottom of the bowl, then the hole in top was plugged. I dont know if I explained that clear, but yeah it should smoke ok.
This particular pipe looks like its had a real rough life !
I'd keep looking if you want one. I know one I had was a Medico so theres got to be others out there.