Has anyone done this/Is anyone planning on incorporating this into your ceremony? I think it's a beautiful idea, and I saw it done at one wedding, where a number of important people each tied one ribbon around the couple's hands. I thought it might be a great way to honor a few people who did not make the BM/GM cut?
Re: Handfasting
Just invite them as guests - that's honor enough. If you have a handfasting (and they really can be very lovely), have your officiant or one of your parents tie the chords.
Don't do it just to honor your friends / family who didn't make the cut. If you do have this, do so because it's of significance to you & your partner.
Our pastor kind of surprised us with this as well, taking off his stole.