Sweet! I to have been trying to solve the removable bit issue, no firm solution yet
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Got it right (Idea I tried before didn't work)
Wasn't sure how at 1st, but eventually decided to take a change, take a bit holder and cut the back off with a hack saw

Used your idea of putting a washer by the paracord
The rest is pretty much the same as before.

Put some epoxy in the jack cover and shoved the cut bit holder in
Finished Result

