I too have made these systems for a variety of tools. I use a small zip tie to secure the loop in the telephone wire. I still cover it with some shrink tubing, it is bulkier then the wire wrap, but very quick.

One safety issue: I have notice a number of follow up posting suggesting various ways to create a more “secure” loop. If you wearing these securing devices around moving water, rocks, trees or machinery where the possibility exists for becoming entangled, I would urge you not to use a more secure method and in fact would urge the incorporation of some type of weak link into the system. The use of the 50lb. swivel as the weak link would actually be a good thing to incorporate or perhaps even a lighter weight swivel.

Pete