Two knots like this in webbing reduces the total length about 30" (I don't make my loops small)
It becomes an Overhand on a bight after you retrace it. It is a tried and trusted climbing knot used for making anchors around trees
The water knot is fine for webbing but you should use a figure8 or a tripple fishermans loop for a rope bridge.
Thanks just some dudeOverhand Knot on a Bight Retrace
First, tie an overhand on a bight so you know how much material you need.
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Then untie the knot and tie an overhand knot where your original knot started
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Feed the tag around your loop
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Now just retrace the knotView attachment 1593 View attachment 1594