For a cheap strap, you can head to the hardware store and pick up some galvanized steel, costs like $5 for 200 feet around here, and that made me a belt of E10-1 16g 1/4" around my rather slim waist, and enough wire left over to make a TON of other stuff. For this, I was using a PVC pipe to coil, which costs like $2 for 9 feet or something like that, extremely cheap and disposable mandrel. It holds up well enough, but you'll need to double or triple up the fasteners, because 1/4" galvy is fairly weak, and there's a lot of stress on whatever ring is the closure, but you can layer the rings and add strength, shouldn't be a problem.
In terms of time and effort, this enormous belt weighs a lot and took time to put together, but it's E10-1 and that's incredibly thick. A smaller ring 4-1 or a regular 6-1 should give flashy results and look great. It'll also weigh less if you use a thinner weave. For less weight you can use aluminum, but I'd advise galvy first because it's extremely cheap and easy to get. Do note, the aluminum at a hardware store isn't good, because it's raw and rubs black against skin, useless for clothing/jewelry.
For hair pulling, I get virtually none. I often drape the belt over my neck because the metal is cooling, and I have hair down to my middle back that pretty much never snags, or might catch one stray strand. Might be different with a loose weave, as it lets more area for hair to pass through, but I don't imagine it being a real issue.
And, sorry I don't check this thread much, I'm usually loitering in Fort Mode