You will need:
1) a shear
2) a bending brake/ finger brake
3) a multi-metal disc sander
4) a bench vise
5) a file
6) a scribe or sharpie
7) 30 minutes
Step 1: Find a Scrap to Transform; Cut to Width Using the Shear
You'll need a piece at least 8" long, and you'll be using the shear to cut it to the width you want your keychain to hang from.
Lay your keychain next to your metal scrap. Make a mark on the metal so you know where to line the shear up; I cut mine to about .5", because that will work nicely with the diameter of my key chain.
Step 2: Disc Grinder: Make Some Nice Rounded Edges!
Remember that the laws of physics mean that the wheel spins faster on the outside than the inside, so when you want to remove lots of material at once use the outside. Move your piece closer to the center for fine tuning. This is a good opportunity to practice making symmetrical edges; not as easy as it may seem at first.
Step 3: Bending Brake: Fold the First Shapes
Make one very low angle bend to let the clip slide easily over your belt; I set mine in about .5".
Flip the piece over and make your first 'hook' bend: this is the part that grabs the belt. You'll set the bend in as far as possible with the brake, then finish compressing it by hand. Easy!
Step 4: Measure, Rinse & Repeat
Shear to final length.
Grind a second set of nice rounded corners on the other end of the hook.
This is the last chance to hand file any sharp edges down.
Step 5: Finish Bending!
Use the mark you made (the low point where your keys will hang from) and set the last bend as far as you can on the brake. Now you have a nice 'Z' shaped sculpture.
Take this over to the vice and clamp down that last bend... fini!
Step 7: Carry Some Keys
Now you can paint, powder coat, laser mark... etc.