Last night, I ripped back the eyelet section of the bag, and redid the whole color band. I'm much much happier with how it looks. So, I bound off the bag portion.
I decided that the i-cord was a bit too thick, despite only being 3-strands, for the bag closure. A simple braid worked a lot better.
There's still the little problem of the strap for the bag. My attempts to make one didn't work out as well as I wanted. However, I did find a potential solution of a braided icord strap that I might have to try.
Or I might just forgo the strap all together. I haven't quite decided yet.
Now, I just need to line the bag.