Hi Chris,
Not wanting you to go to a lot of work only to find the project might not live up to your expectations.
You might want to give your location stop arrangement some thought. As I see it, the toolholder has to come out either, forwards. Okay if the work is in the chuck, and the carriage can be moved to the left. Not so convenient if the work is between centres.
Or, to the side, by undoing the clamping lever several turns to allow the toolholder to come out that way. Okay getting the toolholder out, but not so easy getting the holder back in as the plate needs to be lifted whilst doing this.
Fitting a spring under the plate might seem at first glance a solution to holding the plate aloft for re-insertion from the side. However if the angled faces are the same length/height then when the plate clears the toolholder angled face it will also clear the tool post face. The plate is then free to follow the lever due to the friction between the lever and the plate. Thereby loosing its alignment with the toolpost.
As a suggestion, a dowel pin in the plate, which fits loosely in a hole in the toolpost will maintain alignment under such circumstances.
Regards
Gray,
Edited By Graham Meek on 04/09/2019 16:19:22