That's a pretty nice idea. I'm not sure one of those recoiling steel keychain deals would be as strong (though they seem to do just fine with pounds of keys). The weak point is definitely the snap swivel as you point out, and I have seen some more industrial sized ones.

The only thing I'd suggest is a more robust connection at the wire/keychain point. I'd say wrap 2 wires to the left and 2 to the right, alternating each and using more of the steel wire to wrap (very tightly), so you end up with less chance of the wires breaking loose with repeated pulling. It's unlikely, but I've seen people fish wire in walls and have similar rigs come undone. Granted, there was probably more pressure but if this catches on something it might do the same.

By the way, someone needs to clue LM into building a nice small pocket for those plastic bit holders on the outside of the main compartment instead of trying to fit it on the inside. <img src="/images/graemlins/smile.gif" alt="" />

Cool idea with the coiled cord... I'll have to try this.