Early 'Black Box' Story – Was it true?

I remember being told many years ago that the very first incarnation of the ‘Black Box’ was a device rather similar to a firebrick with a number of holes into which fire-proof plugs could be inserted.
The story goes that each hole was coded with meanings assigned such as, Port engine on fire, Controls failed, Lost, etc, etc. The idea put forward, was that the pilot of the crippled plane, without reliable contact with the ground would insert said pegs into the holes with the relevant meanings and thus build up a picture of the problems which would survive the forthcoming accident.
So OK I did hear it in a bar and it was probably late in the early evening, and there was evidence of mirth…. but all these years later I wondered if there was any element of truth in the tale.
The story goes on in true aviator style to say that the urgency of the emergency that the pilot was trying to communicate to the investigators, could be judged by whether there was time to fiddle with the pegs. The sudden and unexpected accidents could be identified by the pilot’s charred fingers being found in the appropriate holes !!