First things first, credit where it's due - this isn't my idea, it's a project from the HomeBrewTalk.com forums that I came across.  I love the idea for its simplicity, the fact that it can be assembled in 10 minutes, and that the person who posted it even posted Home Depot part numbers for exactly the parts that were needed which made shopping for them quite easy.

The biggest hassle was finding the washers - they need to have a 5/8" hole, and if you use one on the inside it can't be galvanized/zinc plated steel because it will leech bad things into the wort, so it should be stainless steel, brass, copper, aluminum, plastic, or something of that nature.  I ended up having a lot more luck when I gave up looking at Home Depot and went to a local hardware store (where they have a whole aisle of small parts) - I bought a 5/8" hardened steel washer which was just big enough to fit onto the pipe but just small enough to fit in the washer recess on the outside, and a 5/8" stainless steel washer to go on the inside.  The SS washer was much thinner metal and much larger overall, but on the inside the OD of the washer isn't a real issue. 

The assembly is pretty much self-explanatory, with one side note: the plastic faucet originally on the cooler has a fitted rubber seal on it, which pops into the inside of the cooler.  It makes sense to keep this seal in the cooler, and run your pipe through it - it does fit, with a little coaxing - then you don't need any additional o-rings/neoprene washers/etc to form a good seal.

To get the stainless braid off of the floodsafe device, I taped the ends to help limit fraying, sawed through each end with a hacksaw, and then removed the hose from within the braid, which was pretty easy if you just recognize that it behaves like a chinese finger trap.  I twisted one end to close it off, and slipped the other end onto the inner hose barb and put on a couple of zip ties.  Not as secure as a stainless hose clamp, but it seems sufficient - we'll see, I guess.