I've been experimenting with the tarantula, and I've invented a way to do the exact same coin/ring levitation trick without having to conceal the bulky tarantula in my hands. Instead all I have to conceal is a piece of tape, And it's VERY practical. The setup to my version is basically a piece of tape, IT, and wax. the thread is really long, measured from my neck down to below my knees(just experiment to get the right length exactly). once I have it at that length i attach the tape end to the bottom of my shirt on my left(it's not that visible) and i bring the thread up my body, over my shoulders, and down the right side, and attach the wax to the bottom of the other side of my shirt. then I'm ready to perform the trick. all i do is attach the tape to my left hand and its like i have the tarantula in it, just not the reel, which isn't even needed for this trick.
This may sound impractical when first read, but you can actually set this effect up SEVERAL times. just attach wax to the end of your thread, pull out the appropriate length of thread, attach tape, then WRAP the thread around the tape until the wax is touching it. Thats 1 setup, and its enough to do the trick 1-3 times, so do the following several times until you have several setups. then place all the setups inside a small altoid box or something similar so you can put it all in your pocket. The altoid box will protect your IT and tape setups. Now you're setup to do the trick all night as many times as you want

Respond to this post or PM me about this. I also want to know how I can better perform this variation that I prefer.