Another alternative 2 with some extra alternative final letters shown:
* * * * S * S
* * * L * L * N
* * I * O * I * U
* T * T * T * P * B
* M * * * P * * *G
* P * * * B
L in SLIT could of course also be replaced by P, or even H...
...SLIT could be replaced by SNIP with LOT becoming NOT
...and IT could become ID if SLOT becomes SHOD (and SLIP goes back to SHIP, or becomes CHIP while SLIT becomes CLIP)