Adjustable tool

A tool member comprising:

• a handle having therein a receiver bore having a longitudinal axis, the receiver bore having a lever end opening and an opposite, tool accessory end, the receiver bore comprising a stop member located at the tool accessory end of the bore and comprising a reduced-diameter portion of the bore;
• a split collet disposed within the receiver bore and configured for movement within the receiver bore along the longitudinal axis thereof, the split collet having a shank groove which has a length and which faces the tool accessory end of the receiver bore and is configured to (1) have a compressible section along at least a portion of the length of the shank groove, and (2) to receive within the shank groove a shank of a tool accessory at a selected position which is adjustable in infinitesimally small increments relative to the shank groove by moving such shank along the length of the shank groove;
• and
• an actuating member comprising (a) a locking lever mounted on the handle adjacent to the lever end opening of the receiver bore and movable between a locked position and an unlocked position, and (b) a resilient member which is disposed within the receiver bore between the lever end opening thereof and the split collet, the locking lever being operative (i) when moved to the locked position to compress the resilient member and force the split collet against the stop member to compress the compressible section of the split collet to firmly clamp such shank in place within the shank groove at a selected protrusion of the tool accessory from the handle, and (ii) when moved to the unlocked position, to relieve pressure on the resilient member to permit movement of the split collet away from the stop member sufficiently to release such shank of a tool accessory for re-positioning of the tool accessory relative to the split collet or removal therefrom.