RE: Loop....yes or no?
I shoot just as well with or without one. I currently have one bow with one and one without. It really depends on what "feels" right to you.
If you have a shorter axle to axle bow, like 34 inches or under I would say use one for sure, especially if you don't have a short draw length. I have a 26 inch draw length, so that might be part of the reason I don't notice a big difference. My 30 inch ATA mighty might has one though.
If I were going to set up a pure hunting bow though I wouldn't mess with one. I would go right off the string with no peep. Quick and simple.
Try one and see how you like it. Give it some time though, it feels funny at first and will change how you anchor to your face since it changes your percieved draw length. Any change in your set up requires some getting used to.
Paul