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Yes, the pin does what the prusik I showed does. It doesn't need much as shown in Grizz's video here...
http://www.youtube.com/watch?v=Yw6P3pHt8KI&feature=player_embedded#t=324s

http://www.hammockforums.net/forum/showthread.php?t=66163

Glad I could help. I was surprised there wasn't already one up.

To convert a whoopie would be easy.
1 Cut the cord, a few inches past the bury, on the adjustable loop side.
2 on the long end you just cut, splice a fixed eye to go over your msh.
3 wrap the...

I just made a tutorial for you and others.
How to make an UCR