I'm also a little old school when it comes to shortening a draw length to accomodate a loop. I kinda try and go by Bernie P's theory on where the string should be when at full draw by the corner of your mouth.
I have to agree with this. I never thought you had to shorten your draw length rather you just found another anchor point a little further back.
I found this
link that pretty much sums it up at least for me. Scroll all the way down to the bottom of the page under "Does a String Loop Change my Draw Length?" You can see by the picture of the shooter that his hand is further back with the loop than with out.
I'll add that from my first post on this that I am brand new on using a release, so all I'm saying is what I am comfortable with.......