Yes to the OP. Also, owned items could just be displayed as available items even when used by other people and then fall under the same timed borrow category. Saves you from having to remove and readd them to the armoury all the time and encourages people to share their own looms. Also being able to trade with looms while they are in the armoury would be nice.
Then again, why woyld you implement mechanics to allow people to have a shit ton of looms at their disposal, while restricting that privilige to people in clans with large armouries? How is that fair and what purpose do looms still serve then? Still not time to remove looms? Perhaps every player should just be given a few dozen free loompoints then, looms for everyone to make it fair.