Hondero,
I didn't test your previous design and even mine yet. I have just made the arrow of round pine stick with the 4 feathers of a raven. Added some weight as the head. I will give that a try, when the weather is better.
The "lasso sling" is a very good idea, especially for cestros, that one should keep an arrow be safer than a stone. IMO there is only one fault, that one doesn't keep the arrow tangently. It makes some wastage of energy, during the windups and before the arrow will get the stable fly.
I think that my sling design from the "Inventors nook" should work for arrows pretty well too, but the arrow must be well situated in the pouch or the tail loop should be added.
I have got an idea of the "lasso sling" variation, the clench loop situated in the centre of gravity of the arrow. Durring release the loop is quite open, so the arrow have no hitch and should start clean. If I have some time, I will make a sketch.
Jurek, who likes brainstormings

PS. I wonder why the fethers are almost in the middle of your arrow. That doesn't seem to be efficient.