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I have changed levers exactly as you talk of doing; cutting existing trap base, replacing levers, and welding on baseplate with D-ring. Just make sure you leave the gap (made by the saw) in the original base when welding on the d-ring baseplate, so that you don't pinch the jaws so much that they don't move freely. I have cracked and even broken the old Montgomery jaws when bending tips to try and remove them from the trap. That is why I cut the trap's base now. I cut the base between the spring pin and the end of the trap, so the width of the spring pin anchor is not affected.
If you want offset jaws, you can reverse the jaws (jaws back to back). Try this before welding back together. If you don't like the amount of gap, weld back with jaws in normal position.
I like attaching baseplate with D-ring anyway to beef up the trap, so I think this is the best way to replace jaws, since they are not making any jaw replacements anymore.
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