After making a few lanyards with 'Type I' paracord and a knitting spool/corker, I wanted to try it with regular 550 paracord. The only problem was the spool I had was too small to handle the larger diameter cord. So after a unsuccessful search for a suitable spool, I made my own using a wooden napkin ring and some 1 inch brads/nails.
I predrilled the holes for the nails so they wouldn't split the wood when I tapped them in and it worked out fine. I also found an old dental pick to use for working the cord and it also does the job well. The regular paracord makes a tighter braid than the smaller diameter cord, but still remains very flexible. The piece I'm working on is probably going to be used as a hatband, and I'm guesstimating that a 24 inch braid will use about 30+ feet of paracord(approximately 1.25 feet of cord used per inch of braid). If untied at the working end, the whole thing can be quickly unraveled for use in seconds if needed.
The diameter of the braided 'Type I' paracord is about 3/8 inch and for the regular paracord it's about 5/8 inch. I have some more photos showing how to start the braid with the 550 paracord on EDC Forums.
I've added a short YouTube video showing how to get started.