Yes, going to be no more slipping there on that chuck, only thing you need to do is drill a hole at the bottom end, to hang it up next to the chuck on the wall.
I have one of those chucks on a drill press, been driving me nuts for ages. Going to mill some flats on it now and make a spanner. More robust and easier to make than a pin spanner, so you can whack it with a bbh (bl...y big 🔨).
LOL.....and they call those chucks keyless, I have to use 2 spanners to tighten them, one for the spindle and one for the chuck.........give me a Jacobs chuck any day.
It measured 46.3 mm AF, so why cut the spanner at 46 mm. It should have been cut 47 mm wide, and so all that unnecessary hand filing would have been avoided.