If you are using a film M (not CL or M5) on a tripod it is best to buy a camera cradle which will keep the centre of gravity (CoG) over the tripod fastener, they are still available in camera fairs, if you are using a heavy lens it will have a tripod tap of its own to keep the CoG over the tripod fastener. The cradles have not been made for decades but still turn up, they have two taps for vertical and horizontal.
The base plate is ok for a wrist strap until you need to change a film when the base plate is secure but the body, lens, cassette and spool all need to be juggled, you take hat off lay it on ground in front of you...
The wrist straps that attach to the neck strap lugs secure the two valuable items while changing film, but you do need to inspect the lugs cause the original ones are chromed brass and will disappear once the chrome wears through, they are also prone to falling out, Ive a nice damaged M3... Some replacements are CRES.