While this makes sense to a certain extent, I believe limiting the overall MW item limit to favour noobs is a wrong approach.
If new players do not stick around for long, it is not because of looms.
Even if they were a fully loomed tincan they would be easily slain by some veteran who does not own any looms.
Looms only matter if both players are at a remotely equal level of skill. Once you have reached that skill, you will have a loom or two yourself, and already decided to stick to the mod.