Hey Paul, I have not had the mishap you have had yet it sounds like you may have solved your dilemma 
, I have although taken the clutch system off the arbor and refit to make it tight again, a whole process that actually worked well in resizing the collet to fit tight again, I found a hole in a steel bench block that was just a smidgen smaller than the collet, carefully hammered it into the hole and it squished the brass collet to a little smaller size, I was able to stake it tightly back onto the arbor. I suppose one could make a new one on the lathe. Also I have used the watchmakers lathe and left the crutch on by moving my headstock to the very end of the lathe bed allowing the crutch to swing freely. Using a bench type reference tool I have gives me a steady point for straightening the pivot. It is a little daunting having that crutch swinging around while coming in from the end to do the pivot polishing, slow and steady so as not to catch the crutch, Hope that makes sense. William
