This evening I spent a few hours making a tiny notebook for a friend--small enough that it could comfortably fit in his pouch. The final book is 2.5 x 4 inches and 0.25 inches thick. It's based on the third entry at
http://www.lib.msu.edu/exhibits/bindings/pages/limpbindings.jsp with the addition of a leather toggle and loop closure. You don't see that many surviving stab stitch bindings, but they are around here and there across many centuries and would certainly be appropriate for a relatively disposable notebook designed for, err, taking notes and such.
Isn't the little leather toggle so cute? It's a strip of rolled leather pierced by its own tail. Quite an economical closure.
The fancy pierced binding will be ready by Pennsic for sure--all I have left to do is paste down the endpapers. Photos will be forthcoming in a day or two.