I've seen a western hackamore (bitless bridle where the action is applied to just above the horse's nose) with extremely long shanks. I don't recall if the under-chin piece was integrated with the bit, but I imagine it had to be for the non-bit to be effective. Essentially, the bit both hangs (on the horse's nose) and dangles. *impish grin* Quite a multi-purpose bit, eh?
Dangling bits