Here is a video showing the set up of 'climbing in a loop' AKA the O-rig. The problem you will run into using this system with a termination knot is cumbersome changes of TIP. To re-crotch your line, you'll have to untie your termination knot unless your bridge ring is hugenormous. Although it doesn't address the OP's problem, I find an adjustable bridge a more elegant solution.
I'd have to agree with some of the other posters here that I haven't found a termination knot to interfere too badly with my hitch on the standard hitch climber set up, and when it does, you just have to spread the legs of your line apart slightly until the knot catches. Before I switched to mostly mechanicals, this became an unconscious habit for me even though I climbed with a splice more than 2/3s of the time.
The fisherman's, buntline, and anchor hitch all have an orientation that interferes more, and one that interferes less; just unclip and rotate the biner if it seems like a hassle. If you really have problems,
this guy and an extra biner will move your knot up out of the way of your friction hitch.
As far as knots go, if you're moving from a Blake's or a Tautline, my advice is to start with a Distel and a Michoacán; they're tied in almost identical fashion to the knots you're coming from, they have less sit-back, and they're less finicky than the VT. Plus, they're good to know anyhow; I still use a Distel on most of my lanyards.
Once you've gotten used to the new system, start playing with the VT, XT, and Cooper's. The thing with the latter three is that they are much harder to dial in because they behave differently depending on the weight of the climber, the diameter of the host line, the diameter of the split tail, and how the moons of Saturn align that day. There's also a million and one variations to learn and try.
You will eventually end up climbing on one of them, but you'll be more productive in the near term if you start with the Distel/Michoacán and ease your way into the VT. Once you've got all that under your belt, crack open the TK and the Knut and see how you like them.