I like the idea of a cape chisel; but unless you already have one, good luck finding a new one.
I did the math, there isn't but about 0.0012" difference between 4mm and 5/32" so it should have worked.
Maybe a stupid question, have you tried turning it upside down to se if the ball will fall out? I don't suppose you could solder a handle on the ball to lever it out either can you?
Robert