Hello James,
wireing is my favorite to exchange the variable names by UIDs. I don't think that we need an additional text type for that. It would also need a lot of work in the base system. Furthermore I'm thinking about time stamps as an internal critera to trigger/reset loops.
How to store and manage the loop data isn't clear for me at the moment also.
One loop is simple, multiple loops not.

Have a nice day
Karsten