I'm no braid expert at all... In fact I've never done one.  From what I've seen, the easiest way is to braid with extra string (like twice what you need) for the main cords, and at the pouch, split the strings into two groups and braid those for a few inches, then reunite them for the other cord back up.  You form a simple lovelock pouch this way.  Dan has an article up on it:

http://www.slinging.org/20.html

Chris

Barak or Whipartist are the ones to talk to.  They're like braiding geniuses.  For what it's worth, though, I've woven a couple of slings without using any tools at all.  The first one had 8-strand cords.  I poked another 16 strands horizontally through the braided part and pulled them halfway through, then took another, much longer cord and just started wrapping it around the 24 strands I now had.  After about an inch, I split the strands into two groups of 12, wrapped them both (figure 8s) for an inch, split them into 4 groups of 6, etc, until I was wrapping each strand individually, then started combining strands as I worked towards the end of the pouch.  I ended up with an ugly, overly-wide pouch.  The second time I used 16-strand cords and stuck with just those for the pouch.  Also, I left a split in the middle (this requires using two strands to wrap, one for the first/lower half and one for the second/upper half -- wrap the second with one of the other strands at first to get it started).  That time I ended up with a surprisingly nice-looking and effective pouch.  Good luck!

My only problem is the "round" braid. I'm not sure if it makes much of a diffrence if the lines are round, but it would look better.
Also I was given some veary nice wool this weekend from a guy from Colorado. He said he cut a price break for me if I gave him cedit and sent people his way for wool. I'll dig out his card if anyone want's to find him.
This is getting almost as bad as my  crystal radio addiction.