Yep, I have two of his pouches. They're all very beautiful and very well made, and he was a great seller too.
I'm not sure I understand your idea, northwoods. Do you mean something like a 5 strand woven pouch sling but with four warps?
http://slinging.org/index.php?page=5-strand-woven-paracord-sling-tutorial---jeff...Personally I'd go the trojan horse route. Since you're using paracord, it would probably take a second or two to string on cords to a pouch, it would be easier to just focus on a detachable pouch. The pouch and cord attachments would double up as the attachments to make the pouch into a bracelet.
I drew a really bad diagram in paint, since I'm pretty bad at explaining things.
I'd either use two loops like in image 1 or a modified peaceful jefferey/5 strand woven pouch like in 2 (I actually kinda like 2 more).
I was going to explain 1, but I think it's not that great of an idea. I could really improve it, but I wouldn't be able to explain that, even with a bad diagram

I think it might be something similar to your original Idea, but I probably misinterpreted it.
For 2, just make a peaceful Jefferey sling with 1 foot long release and retention cords. Use those lengths to tie a small monkey's fist knot, maybe a 2 wrap one. The distance between the completed knot and the pouch should be an inch (although I said 2 in the picture). The large knot does two things. It makes tying the cords to the pouch easier, you could probably just tie a slip knot on the actual cords and tighten it around the base of the monkey's fist. Secondly, they look semi decorative and would loop more in place on a bracelet.
I would make the pouch just a little shorter than the circumference of your wrist, maybe by an inch, although you might need to size up or down if you have thick or thin wrists. Then just tie it closed around your wrist with a simple square knot, letting the two monkeys fists dangle like decorative baubles. With paracord bracelets becoming a fad (at least in parts of the US), it wouldn't look too out of place either. The cords would probably take up a square inch of space at the most, you could easily toss them in a pocket and forget about them.