Steve, thanks for your kind remarks. I agree with you concerning this not being a fly pattern. Never was intended to be and, as you explained about how one could use it, this is the exact method I have described in my recent article in Flyfishing & Tying Journal - Winter 2011 edition on sale currently. The parasol assists in presenting an offering just under or in the surface film and acts as a visual indicator for that offering. Not much different than a parachute post on many fly patterns. Therefore, many different actual fly 'patterns' could be tied and suspended by the parasol.
This has been a fun and productive method of both fly tying as well as fly presentation, not only at the surface, but also at depth as you described.
Thanks for your support, friend! Much appreciated.
"There will be days when the fishing is better than one's most optimistic forecast, others when it is far worse. Either is a gain over just staying home."
Roderick Haig-Brown, "Fisherman's Spring"