it is a little big. The aquaseal will be denser than water, not having the flotation built into fly lines, and will sink. I would recommend the loops developed by Brian Simonseth based on braided mono. They make a much neater and lighter loop than that you describe. Search on his name in the Forum. There is a good thread on loop connectors that describe the process.
Practice is about increasing your repertoire of ways to recover from your mistakes. Joann C. Gutin