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That band combo tool isn't chained to the transmission. The U piece for the band ears is chained to the band wrench. That is because any thing, wrench size or smaller, like band nuts and band springs IF they fall into the abbess below the transmission inspection cover.....that is BAD news.
You have to fish it out, pull the hogshead (trans cover) or turn the Model T upside down and shake out those bad things.