Only just found this thread, and the link to video is no longer working, so don't know if this option has been covered.
This was a breakaway lanyard idea I played around with a while ago, using a single fishermans knot as a low-friction connection.

Completed lanyard on a flashlight. Neck loop can be easily shortened using a simple chain plait to form a fob when not required.

Breakaway knot showing formation. Working end of the small loop forms the fisherman's knot.

Breakaway knot - tightened.

Under excessive tension, the end of neck loop simply pulls out of fisherman's knot. The smaller loop remains intact, so multiple items on it would not be lost.
I liked this arrangement, as there was no uncomfortable knot at the back of your neck, and the whole thing is very simple and neat. However, this arrangement only seems effective if tied in fairly solid climbing accessory cord. In my experiments, softer cordage (such as 550 paracord) does not appear to 'breakaway' as the bulkier sealed (melted) end of the cord jams in the fisherman's. I guess it may work if you left the breakaway end unsealed, but it would obviously then fray and look messy, and make retying difficult.
Russ