Just wanted to say thanks to the OP.
I went ahead and built my release during this week, not quite $5 as I didn't have all the components lying around except for the lego's, glue, hex key, gaffer's tape, foam padding and batteries.
Here are a few tidbits in no conventional order.
The batteries I used are 2x CR2016 (these are cheap thru ebay) along with a battery holder with an on/off switch. Having the on/off switch is convenient as when you first start the mavic, the lights trigger on. I've done about 20 drops with these batteries and still have not worn them out.
The plastic bonder is incredibly strong and I don't feel it will cause any adverse issues down the line
I used the foam padding for where the legos touch the Mavic to avoid any slippage.
I do recommend owning a dremel as I found having to using a small grind and cut wheel to clean up areas to make them work smoother.
I used a small hex key for the release, and this is where the dremel came in handy to cut it shorter.
The gaffer's tape blocks out enough light in full day light as to not trigger a release.
Haven't found a way to trigger the lights while video is shooting, so you have to turn off any video recording, turn on the lights then turn it back on.
also, use the cut wheel on the dream for the hex key or what ever steel rod you use because if your item doesn't drop because it's slightly hanging on the lip of the rod, the downward sensor will see it and the mavic will come down very slow as it thinks its trying to land when you bring it down to resolve
Leg Extenders that I had lying around we're also helpful for take off and landing.
As for the downward sensors, no issues with them during take off, only during when decreasing the height you will want to turn them off but turn them back on to land.
All the electrical components are on one side but the weight (have not weighed it) has not affected the flight stability.
I would recommend using new rubber bands to ensure elasticity and any concern of breakage.
So far I have been having fun with my kids dropping stuff from a couple hundred feet up. The zing air rockets whistle when they come down and the kids just scatter.
I am going to build a version with a mini push/pull solenoid, but my concern is going to be the magnetic field and voltage usage. Waiting for this part to arrive.
Here are the photos of the build, need to upload in 2 parts.
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