If you run the ribbon out the other side instead, it might look like a bookmark. (Off the bottom would be most traditional, but I think horizontal placement is better to minimize torque on the screen.)
I'm still thinking about trying this with a hand-bound journal. It's been suggested that I make origami out of the inner bits, or save them as note paper. I probably won't have time for this project until Winter Break at earliest, so I will continue to think about how I might do this.
Since I'd be making a case for my Iliad, I'd also have to rig something to turn the unit on and off without removing it from the case. I might try making a switch extender from polymorph plastic. I'd still have to remove the unit to recharge it, unless I make an access slot for the "travel hub" port... hm....