Reel leashes fell out of favour mainly because they're crap. You have a bulky heavy thing attached to you that can knock holes in your board, that is also super fragile. Any build up of salt water or sand and they seize up.
Just looking at the various waist leashes and they're all pretty much a bit of webbing with some padding and velcro. Basically a giant leg rope collar.
The more expensive ones have a moulded section with a grub screw to hold the swivel end of a leash. It looks like you could easily replace the leash with your favourite leg rope configuration just by removing the grub screw. My leggies all use a fin key for that.
I just ordered a waist leash from
www.nologooceanaccessories.com/ It's basically the same as all the others but only $52.95 including postage.
The only thing that is not appealing is the dinky aluminium spring carabiner holding the leash onto the belt. I am inclined to replace that with either stainless steel, or a dyneema loop. I've got some old kite safety leashes with a nice robust quick release that I could use.