You have the general idea. Apply a thin hank of EP fibres, fold and lash down. Do this on top and bottom of the shan working your way up to the eye. When you reach the hook eye, comb out all the fibres with a small hair brush and trim top and bottom to get the desired profile. Add eyes atc....
You can mix different colors and also add sparkle flash at strategic points. Watching EP at tie at a couple of shows makes it look deceptively easy. He also applies a spot of superglue on each of the windings for strength. Different amounts of material, density of packing etc. all influence the character of the final outcome. You can also use other materials like Bozo Hair, Yak Hair etc.
When sight fishing, look over your shoulder from time to time, you never know who's behind you