IF your doing a yoyo and you get the line on the nose its going to snag no matter what just because of the friction webbing has. THe idea behind snagless noses is to make it easier to get the line out of the snag in mid air before crashing. The way my nose is done eliminates the snag you get at the lower end of the webbing which seems to be a more common snag. AS for the extra material, there really is none. YOu just slit the LE about 3/8 inch in from the edge and slide the nose material edges inside the LE. YOu can do it all the way to the tip or just part way like i did.
Your way works and looks good too, but you can still snag the lower edge of the webbing if you get a line in the right spot. No idea will be completely snag free as long as we have friction to deal with and the ever present slack management mistakes