I've done that trick with an AFS and it was cool to be able to pull the whole shebang up to become a canopy anchor. I didn't use a bight, just a jam knot against the small ring and the tail connected to it...sort of a full circle rig kinda thing. It took some management when pulling the rope to eliminate pulling from underneath a pile, but it worked slick.
At the low and slow level sometimes the bight will jam a bit in the ring. A good hard pull frees it up or just keep working the loop till the tail passes through the ring .
It does force one to manage rope or look like a fool!
Thanks all! I keep finding more ways to use the ART Snake anchor. Yes, the tech 11 so far has been a great climbing line. Crosses over well from 1:1 scanerios to 2:1 and back.