Lucet
A lucet is a two pronged implement that makes some very nice braids with multiple uses.
It mostly produces square profiled cords that are quite neat and nifty, and VERY tough (perfect for poynts or draw-strings), but use up a lot of thread to produce.
It can also make elliptical cross-section braid using the "twisted-stitch:" method that's pretty good for couching cord - as long as it's made with a fine fibre.
Braids can be made with multiple colours - either interchanging on indicidual stitches or groups of stitches, or used as a gimp thread for decorative purpose. Beads can also be added either in straight rows or ooping around the braid in a helix pattern.
Instructions (including how to make 2 colour and beaded cords) are available at this page: http://www.stringpage.com/old/lucet.html
Another excellent resource is the Lacis book: "Lucet Braiding: Variations on a Renaissance cord" by Elaine Fuller ISBN 18911656066