You could have a couple of issues with this request John.
One you can not record relative to devices -- meaning that it would not know to make this active on the device channel that is active on air. Even worse imagine that you have 2 channels on air how would it know which channel you mean ;). The Relative Macro abilities are tied to the MLE commands and don't extend much beyond that.
The Loop function will only become active with a clip of 7 seconds or higher.
What might be better would be for us to request an addition of a future feature of being able to code the loop in the template. So with a server item you would pick the clip id and then be able to set a "loop flag"
I will pass this on to the MPMs of the OverDrive team
Les
#Vision