What is the selvage technique that Rick's loom recommends? I don't think I have heard of that before. Do you have a link?
You can weave the thread ends back into the pattern as a way of giving you a nice clean square block ending, just be careful to stick to one or two beads wide, so you don't clog the holes too much to finish off all of the ends.
Another option, can be to back the beads with a thin strip of leather or fabric. Then you just fold the tail under and glue the whole thing together. It's an okay option, works well if you wish to attach the piece to a hair clip. Maybe it would be all right for a bookmark too, as long as you are cautious and use something thin enough.
How wide do you think you want your bookmarks and bracelets? If it isn't super-wide, you could always start off with one of the smaller inexpensive looms and make sure you enjoy it before jumping to a more expensive style.
I used a little cheepie one for years to make thinner bracelets and what not. I prefer to do patterns with an odd number to give me a middle, so usually I made 11 wide or 13. I have done a 25-ish wide on the small loom that turned out really well.
If you want a larger specialty type loom, you also could make one yourself that is exactly your liking.
Last Christmas my boyfriend made me a large one, since I have some crazy dream of attempting a huge piece on loom for some reason. A tray bottom, something to go under glass for a coffee table... something. I haven't gotten to it yet, since I got sucked into a world of other projects.
Are you dead-set on looming as your beading technique?
If not, you might really enjoy making the type of pieces you described with square stitch, or even peyote. You don't need a loom, don't end up with tails to have to deal with at the end of the project, and the finished product is the same idea of bead fabric/bead strip with pattern in it.
Peyote is kind of off set, so it might not be exactly what you want to do, but it is an option. It looks more like a brick wall, so you would have to use a different pattern than the type you would for a loom.http://beadwork.about.com/od/justevencountpeyote/ss/Peyote-Stitch-Diagrams-Flat-Even-Count.htm
Square stitch gives you a finished project that looks like it came straight off a loom. You can use the same patterns for square stitch as a loom.:http://beadwork.about.com/od/SquareStitch/ss/Square-Stitch-Beading-Diagram-Tutorial.htm
I've really gotten more into things that don't need a loom, since it makes the project easier to pack and take with you.