I've seen it done on roper (long) wallets with a snap but never pad attention to if they skipped holes or not so yes, it can be done, just not sure on the exact steps
certainly you can, just go as far as you want then what I've done is slide the extra back in under the braid. Not sure if that's the proper way but it worked. I'd look at mexican round braid though myself, it "hugs" the edge better so it doesn't add as much width to the finished product