Jenrick:
You've got the right idea, and I'm looking forward to your posting the results. However, It seems to me that the washer in the bottom of the monogrip is not threaded - the mounting bolt screws into the threads of the square nut that's mounted inside the shackle and pulls the grip and washer up tight against the shackle. So what may be needed is to "section" the grip (removing a ~1/4" horizontal section), gluing the shackle nut to the bottom strap of the gun grip, and using a precisely shortened mounting bolt. The ideal solution might be to drill and tap the bottom strap to receive the bolt! I don't have the revolver in front of me now, but will get it and make some measurements. I trust that you have the skill to pull this off, and show/tell us who are more ham-handed, how to do it!
Thanks,
Vista