We will probably do much as we did with DS2--wait for pulsing, possibly for placenta (but mine take a really long time, and I have bled more than usual with both boys while waiting to birth the placenta). It was probably half an hour after DS2 was born that the mw decided she wanted to cut it and get me out of the water so she could better monitor my bleeding. So DS1 cut his cord, then he and Daddy held baby and cooed over him while I got out of tub/dried/situation on bed/abdominal massage... With DS1's birth, it was only about 5-10 minutes, but after all pulsing, because his cord was too short to let him come to the breast--he was kind of stuck at my then-flaccid belly, lol. (DH cut his cord.)
The plan is to at least wait for pulsing to stop, and have DS2 cut this baby's cord.
mamabeakley, the birth center where DS1 was born used a kind of rubber band, IIRC, and my mw for DS2 just used cotton string. If you want to select your own string, perhaps your mw would be open to that? I'm thinking if it were something like the same string used for bracelets for a blessingway or something, that it might be particularly special?