Hi Derek,
I may have missed some posts relevant to the original here, however, at the risk of discussing this knot at a tangent to intended, here is how I considered it.
The knot in final form might be useful as a 'clip on' in climbing since it is tiable in the bight. The tail would then feed (at approx.right angles) to any 'tie in the end' eye knot a climber felt happy with. The #1016 would need to show itself non-jamming/non-slipping in both its depicted form and in 'end to end' form to be truly useful for a climber.
FWIW, I have been trialling similar style knots (e.g. TIB eye knots that are similar to a Double Dragon, Perfection Loop or Farmer's Loop in some cases).
Cheers,
mobius
Edit: I have tied the #1016 knot in 11mm kernmantle and studied it. It looks promising, however knots that really behave well need more than someone's 'thinking' . I will try it on my rig when I return from holiday (if there is interest).