I`m using not loop, not two loops, but RING
here is example of my "minimal harness"
one disadvantage, but not dangerous - when this ring will break, your tanks will felt down, BUT I have small boltsnaps in tank bandage
and untill the end of the dive you can temporary connect tanks to shoulder D-ring
Also it could be a problem to carry this tanks, but... better to carry tanks in hands, near the ground level (I`m to lazy for extra forces), or if you are so strong - you can just connec tanks to the shoulder D-ring by small boltsnap
But it has great advantages.
1. You can use strong rubber rope, but it easy to move valve out of your body, due to double lenght of the ring!
It is not connected to back strap, and goes free.
2. using more thick rubber you can fix one or two tanks in one level - any level, as you wish. And manipulations with tanks stays very easy!
3. no one problems to change bungee, in case of tear - just one knot.
4. As this ring not fixed in the back - you can retract this bungee twice far (even more, because you also moving opposie tank a little), than another kinds. It very comfortable to see SPG, to connect/disconnect tanks from bungee, and so on.
P.S. boltsnap - is it correct? or springhook? sorry... not much practice in english
P.P.S. with normal wing I use same way:
early I use Armadillo style to connect bungee to shoulder strap by small ropes, later I found special clips from army equipment.