The 4.5 mm "gamebit" bit was an acceptable fit. It wasn't perfect, but it was close enough to allow for the screws to be removed easily and without any damage to the AC adapter nor the screws. So, we now know that we can easily, and cheaply, get the right bit to open up a Tandy AC adapter.
The AC adapter does indeed have a fuse in it (although it is soldered). Unfortunately, in the case of this AC adapter, the fuse was still good. Something else must have gone wrong with it. As such, I chucked it. However, I did take a bunch of pictures of the internals, which I will post up later. Hopefully someone can get some use out of those.