Interesting idea. I've always gone for tools with a head like the ironworker punch. In long run production, I've never found anything else to work. Your wedge is actually much easier than it first seems. You'd only need an intersecting cross hole in the holder and a flat on the tool shank. Grind a taper flat on a round bar that fits the hole and drive it in. Taper angle wouldn't matter either, the shank will rotate to match automatically. Needs to be of generous size and heat treated, you sure don't want it getting distorted or you'll never get it out!
“There are painters who transform the sun into a yellow spot,
but then there are others who, with the help of their art and their intelligence,
transform a yellow spot into the sun.” ~ Pablo Picasso ~