Keep calm and follow the suggestions given. An easy method to get a radial sandpaper score on the shaft is to 1/4 sheet of 80 grit paper in right hand grit side up, hold the holdfast by the head with left hand and lay shaft in right palm on top of paper, close right hand, then use your left to spin the holdfast.
Check and see if that did the trick. If not, William is correct re: toothing the surface with some rust...dampen a paper towel with water, wrap the shaft with it, then allow to let oxygen do it's dirty work. Use a dry paper towel to remove the loose rust. Should hold well.
If not, counter bore the dog holes 1/2" or so and try again.
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- HoldFasts from LV not Holding