Not a reply to you specifically. Just posting my version of the concept in this thread.
I picked up a pair of Giro Empire E70 Knit for $100 this spring and removed the tongues by cutting a few stitches. I initially added some ROUND elastic laces (because that's all Walmart had). The round laces proved to be not-so-comfy on the bare feet and probably not-so-aero. I've since swapped out to proper flat elastic laces.
I also stitched a small loop on the heel to give me something to hook rubber bands to.
The knit material is excellent comfort wise. They are, by far, the lightest shoes I've ever owned. It feels like I'm just wearing socks, but with a stiff sole.
I can get into and out of them faster than a traditional tri shoe with Velcro closures, yet I've never once had my foot slide around on a hard effort or climb.