"It's very simple, the plug is just held in by a small transverse pin in the grip frame."

I'm not so sure of that. The original lanyard loop was meant to swivel 360 degrees. That plug is polished very well and I'm GUESSING it may be soldered into place. I have a 2nd Model .44 that had a plugged lanyard loop hole but I'd believe it was non-factory. I used an easy out and heat to remove the plug.

Maybe someone who owns a SV M&P can take theirs and see if the plug will rotate, using only finger pressure of course.

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John 3:16
WAR EAGLE!