Ok., now I know what you guys have been talking about. This is a different design than ours. We ran into this when we were applying for our patent believe it or not. Its really neat, but respectfully it is flawed. Let me explain:
The 60's design has a nipple like pouch that is attached to the FRONT of the ring. That pouch goes through the ring and out the back with which you pull. We experimented with this but the problem is that there is too much surface area of latexrubber in contact with the plastic frame. This works fine if your shooting things at 150 FPS but as the tension grows on the Latex to get it up to 300 FPS and more it proved to constantly tear.
Our solution (and maybe its not the best/ but its the best one we know of) was to attach it to the back and have the least amount of surface area in contact with the plastic. The trick though was getting it to stay on while pulling hard on it. You have to pull fairly hard to get something up to 350 FPS.
Our ring design set a base ring with a lip for the Pouches/balloons to sit on while having a second ring provide a clamp for the pouch to hold it. Both have threads to screw down. However, that clamp has to screw on from the front b/c the pouch sits on the back! This proved to be difficult to unscrew with your hands. We needed a "key" of sorts. We provided that with the cap. (So it gets complicated fast.) In addition, we wanted a cap so people could store their ammo in it without having loose ammo in their pocket all the time.
Because ours is an EDC slingshot we wanted it as small as possible so no handle is crucial. The ring must be small enough for EDC but big enough to hold onto when your pulling hard on a pouch. You will find it is a perfect balance and is very comfortable. You do NOT need a handle trust me.
This is difficult to explain without holding one in my hand in front of you guys but I hope you kinda get the picture.