What about a short piece of wood with an eyelet screw (prob not the right term) to make it easier to grab ahold of it to remove it & likely there is a better choice of material other than wood or maybe just the right type of wood & this (wood type) might not be a critical issue,
Your idea will work with some hard wood like maple or oak and a screw.. stay away from pine or other soft woods due to they would swell up a lot,, just seal the wood
