That's a good idea, but I would not do it. The TD really needs to be attached with either good 'ol Velcro or some sort of clip system. I chose the clip method due to what DE mentioned above - I've had mine run off and had to go after it!
The spacing is close to .5" between the belt and cannister. Here's a shot of mine with the clips.
I ditched my FX TD and went with a new TD kit from a member of the FISD. I had tried to build my own but ran into difficulty sourcing the correct size PVC pipe. You could go with a 2" PVC pipe from a hardware store, but the originals (and the FX/AM) are about 2.5" in size. So...your end caps won't fit it and the control panel won't work either. So, I just got a kit w/clips and painted it black. I've seen all sorts of clip methods too, some good, some not so good.