Sounds like you are describing a high-mod grommet as demonstrated in Brion's splicing book. I haven't been able to disassemble a "loup" but I believe these are actually strops with a cover which differs a bit from a grommet and allows for a smaller diameter. I have experimented a bit with a technique for making these but haven't come up with one I'm completely satisfied with. As for home-made high mod grommets - I've used them on occasion and have always been satisfied with the result.
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