Editor Plugin - Breaks when toggling between Visual to Text

I've developed a plugin that inserts shortcode, now I want to reverse the process. I've got it to find and replace the shortcode with an image. I've got it so when you hover over the image it puts an overlay with links to open an editor window to edit,etc... which only works onload (it breaks toggling between Visual and Text and back) it doesn't add the overlay.

I'm using

   editor.on( 'BeforeSetContent', function(event) {
         event.content = replaceShortcodes(event.content);
         generateOverlay(editor)
   });

    editor.on( 'PostProcess', function(event) {
         if (event.get) {
            event.content = restoreShortcodes(event.content);
         }
    });

I'm using JQuery to generate the hover over overlay(unless anyone has another way) using

function generateOverlay(editor){
        //event.preventDefault();
        if(!$("#content_ifr").contents().find('.wp-ip-image').parent().hasClass("wp-ip-container")){
            $("#content_ifr").contents().find('.wp-ip-image').parent().wrap('<div class="wp-ip-container" data-mce-bogus="1" contenteditabl="false"></div>')
        }
var wp_ip_img = $("#content_ifr").contents().find('.wp-ip-image')

            wp_ip_img.hover(
                        function(){
                            post_id = $(this).data('post-id');
                            blog_id = $(this).data('blog-id');

                            $(this).css('cursor', 'pointer');
                            $(this).before('<div id="wp-ip-div-'+blog_id+'-'+post_id+'" class="wp-ip-overlay"></div>')
                            $(this).parent().find("#wp-ip-div-"+blog_id+"-"+post_id).hover(
                                function(){

                                $(this).css('cursor', 'pointer');
                                $(this).html(getPostData(post_id,blog_id))
                                $(this).find('.wp-preview-ip').unbind().click(function(e){

                                    postContent(editor,$(this).data('url'));
                                });
                                $(this).find('.wp-remove-ip').unbind().click(function(e){
                                    $("#content_ifr").contents().find("#wp-ip-div-"+blog_id+"-"+post_id).parent().remove()
                                });
                                $(this).find('.wp-edit-ip').unbind().click(function(e){
                                    insertPosts(editor,blog_id,post_id,wp_ip_img.data('wp-insert-post'))
                                });

                                },
                                function(){
                                    $(this).remove()
                                    $(this).css('cursor', 'default');
                                }
                            );              
                        },
                        function(){
                            $(this).css('cursor', 'default');
                        }
            );

    }`

when I toggle to Visual it replaces the shortcode then runs generateOverlay(editor) it gets to wp_ip_img.hover(... and doesnt run beyond even though it can find wp_ip_img

if anyone has any ideas