I've started trying my hand at lanyards, it's quite addictive!
In reply to the OP, I've knocked together quite a few now, some have wrist-loops like this one:
.. that's currently attached to a Maglite, and I made a black and yellow version of the above for the SAK. I've also made a couple of bracelets for my daughter, and various other variations. I use the one that Ryan made (like the one in Mike's pic) with a Mini-Mag. The torch lives in a pocket in my bag, whilst the lanyard hangs outside, so I can just pull it out without having to root round. I have one on a LM Micra with a lobster clasp which I can hook onto my belt loop on jeans, so the Micra hangs in my pocket away from coins / keys etc. Much easier than fumbling aroud.
Whilst you set out to make something functional, it is fun to create them!
