It's just a variant of 'I wouldn't touch whatever with a barge pole', which has been around for over a century. A barge pole is, of course, the long chunk of wood which was used to propel barges along in much the same way as a punt is driven nowadays. Other than university rivers, there aren't many such long, stout poles in use today as there once were, so you're right...nobody much has such a pole! All it means is 'I'd keep my distance from whatever, if I were you!'
Only to supplement Q's offering: one source suggests the original expression is "Not to be handled with tongs." In 1639, John Clarke included that line in Paroemiologia Anglo-Latino when he was expressing something that shouldn't be touched. The use of a ten-foot pole came about as a figure of speech sometime in 1758. There's also a variation using a barge pole instead of a ten-foot pole as referenced by Q That one came about sometime around 1877...