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interesting....i never tried a combination of weights and elastic.
I played with quite a few styles of basic office supply rubber bands and many kinds of elastic cords. As I mentioned in the post-printing section, they worked great.
I decided to recommend weights versus cords as it is much easier to describe the right amount to use. Almost everyone has access to a small scale or can just buy a recommended size bolt and nuts. But, the "stretchiness" of elastic is difficult to parameterize easily. I also found that stronger cords needed to be attached at a higher point on the stand (closer to the center line of the spool) than weaker ones. Since both what elasticity of cord and where to attach it to the stand are subjective, I wanted to avoid people having a bad experience.
But, I would encourage anyone want to experiment to try elastic as it is a great solution.