Via the YouTube channel of Tex Grebner Outdoors, here is a quick tutorial on tying a fly using paracord, a hook, and some heat.
It looks like it should work, although I might try to scale it down using cord with a smaller diameter and smaller hooks.
It certainly reminds me of a cased caddis with a trailing shuck. Well sort of. You could pretty much make unlimited colors. Would you fish this? Do you think it would work on trout?