[jQuery] Live events within plugin question

[jay]

I'm working on a multiselect plugin that uses only live events, and
the way it works is the select element gets replaced by an input and
div element.  I would like to supply a callback function where the
callback is tied to the input element.  Is using the "data" method to
store the callback the best way to proceed? Also, how should I handle
the removal of the select element. Like this?

$.fn.myPlugin = function(options,callback) {
    this.each(function() {
    }).remove();
}

or do I need to do this:

mySelect.myPlugin().remove();

Thanks