The two-peg spool knit can be found in 'The Ashley Book of Knots' as #2878 a Square Loop Sinnet, along with other variations.
The improvised spool I'm using is made with a PVC coupler, marked 1 1/4", is actually about 2" in diameter, which was just right to set three pegs/cotter pins at about 1 3/4" apart from each other. You can use something smaller for a tighter pattern, but I wouldn't go larger because the wider knit would be more likely to catch or snag on something. ;)
I used a rubber band to hold three cotter pins in place, then applied epoxy all over and around each one where it made contact with the PVC, then wrapped with electrical tape to cover and further secure everything. You shouldn't have to pull hard on the cord when working with it, if you do you might break the pegs loose from their mounting.
I originally had some small nails on the spool, but after several projects, one of them broke loose and would lean to the side as I worked, changing the spacing, so I replaced them with the cotter pins.
For quick deployment of the cord, should you need to re-purpose it, cut off one end below the lanyard knot, unlock the knit by pulling the end strand out of the loop, and start pulling to unravel the length of cord.
I still had a couple of pewter Schmuckatelli 'Classic' skull beads that I bought a several years ago & found in a gadget drawer, to add to one of the lanyards, shown with my Leatherman Wave multitool.
And one with three pass Gaucho knots over wood beads, attached to my Nitecore P25 SMILODON LED flashlight, in a Maxpedition sheath.