Get rid of all the elastic, don’t cut it because you might be able to use it for the bodge.
The bit that goes horizontally round your head you need to replace with a longer strap. It needs to be large enough to go around your chest.. I used the waist straps from a couple of old camelbaks but some thing more elastic would be better as it would allow you to breathe – if you can be bothered to do some stitching you could probably use the old elastic..
The bit that goes vertically over your head you need to replace with a loop, done so you can hang the camera round your neck like a tie. This one stops it sliding down and bouncing around. I used elastic from a hardware shop tied in a knot.
For me to get the right angle I had to bolt the camera in upside down and use the upside down filming setting. I also stuck a larger rectangle of plastic to the back of the mount to stop it wobbling.
There is some footage from it at 37 to 55 seconds (prior to enlarging the mount so a bit of bounce going on).
[video]http://vimeo.com/29733266[/video]