Eric, I can't speak for the old timers or anyone else for that manner but one major reason for individual holes in our line terminators is to maintain line separation and therefore put a lateral force on the half hitches that we recommend using to tie them off. If you use a traditional thimble, half hitches won't be as secure. With our system the lashing forms a very distinct hourglass shape which means that you are putting a lateral force on the lashing and that helps make it more secure. As long as tension is on it the system the lateral force is maintained. When tied off correctly with the half hitches on the lower half of the lashing the hourglass shape also helps keep the knot from slipping down and loosening the system. Alot of people just use thimbles, including Francis Joyon on his roundy round record run where he complained of loosing trust in his lashings. I believe using line terminators with good line separation probably would have helped him. See our lashing guide here to better understand what I am saying.
http://www.colligomarine.com/docs/mi...ie_ver_1_1.pdf
John Franta, Colligo Marine.