Good ideas, Brainwreck.
The only thing, I don't really see a use in, is to determine a number of loops until record mode is switched off.
I imagine a (to me familiar) situation where I set, say, five loops of recording and after the fifth Reaper changes to playback. I'm playing my five loops and all I play is shit. I'm playing the sixth loop (having forgotten how often the loop ran already) and it was awesome - but not recorded.
Just saying: one doesn't know beforehand, how many turns it needs to get a good recording - probably one more than one records.
-Data