TreeTx, i favour a 1 down, 2 up distel for a 1 way lanyard/flipline (only use one end like in gibbs adj. lanyard) i find a fair amount of 1 hand adjustability in that system, shrinking the leg, and 1 hand expanding the lanyard's loop while loaded (a trick a gibbs doesn't do so well).
Tom got me started on distel for adj. lanyard, before i even used it for a climbing hitch (that i now exclusively use), also years later pointed out it adjusted easily under load unlike the $60(?)gibbs. Dropping the 'choking ring' count is my contrivation, i generally go with 4+choking rings on lifeline hitches (1 on temporary stay, 2-3 choking grabs on rigs, elevating to 4+ on lifeline); but have bent that rule of thumb for this, with no apparent complications. i was trying for 1 hand adjustability, least amount of drag with a knot tender etc., but found in this configuration, that i didn't need a knot tender. The single ring of the lacing seems to do a fair job of pushing the other 2 rings up towards the snap to adjust. When it comes time to grab, the 'finger puzzle' sock effect that i beleive MM refered to about VT class of hitches is observable to me in the way the hitch stretches out and grabs the line. I have made 3 of these for people, everyone seems to love'em, can't find anything wrong; save a lil'discomfort over dropping that 4th choking ring that i see in virtually all of our climbing hitches as a common denominator, that i have used to help define things.