Voodoochild, do a quick search of the term "eddy currents" to get the lowdown.
You don't want a continuous loop of metal around a pickup. An overlapping loop that's insulated between the ends is going to still give you 100% coverage (on the sides anyway) and there won't be a major sucking path for the eddy currents to form. (They will still be there in the foil but you will have stymied them somewhat). Eddy currents = significant losses at higher frequencies. Not so sure about your low-mids -though that may be an auditory sensation from losing highs...
You don't want a continuous loop of metal around a pickup. An overlapping loop that's insulated between the ends is going to still give you 100% coverage (on the sides anyway) and there won't be a major sucking path for the eddy currents to form. (They will still be there in the foil but you will have stymied them somewhat). Eddy currents = significant losses at higher frequencies. Not so sure about your low-mids -though that may be an auditory sensation from losing highs...
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