If your are using one inch wide tubing for the pad eyes, over lap the bungee 7/8 inch and clinch with two stainless steel hog rings and shrink the heat-shrink tubing to cover. This finished connection should be just the width of the pad eye webbing and can be hidden inside the pad-eye loop and will stay there because it is too stiff to bend to turn the corner to slip out of the loop.

http://www.westmarine.com/webapp/wcs/stores/servlet/ProductDisplay?productId=442555&catalogId=10001&langId=-1&storeId=11151&storeNum=10102&subdeptNum=10215&classNum=10219

Dave