Taz,

The best arrow holder that I have seen is from Dakota Archery Products. You can see them here http://www.dakotaarchery.com/arrowholders/index.html It is kind of difficult to picture but this holder mounts to the bottom of the rest and the rubber tubbing goes up and over the arrow. When you pull back far enough the tubing comes off and out of the way.

Protect your hunting rights, "Spay or neuter a liberal."