Wats, I used to have my old bow set up like you do. Just clip my release on the string below the arrow under the rubber and knock. Did I have a problem??? Perhaps but did not know any better at the time. On my new bow, I have a loop and would never go back. Like mentioned earlier and it is not hard to set this up right, it is dead nuts accurate, with the release right behind the arrow, without pinching the arrow and putting some toruque on the arrow (like with the release clipped on the string). I have no data behind it, but I know it does help you to become more consistent with your shots and helped me with not to torque.
We need Wallerbass (Corey) to get his butt in here and give his opinion. He has helped me here in the last year and seems to know his stuff, with data to and reasoning to back it up.