Recently I posted Henry Reed Fiddle Collection/184 tunes! about the Library of Congress site detailing (and I DO mean detailing) the influence of Henry Reed on old time fiddling.
But my main reason for posting is this great photo of Henry Reed and his older brother Josh, circa 1903. As it happens, Henry, who was 19 at the time, is playing the banjo in this old photo, so he is not the point of focus. Do check brother Josh's fiddle; it has what appears to be a white, or at least light colored, ribbon hanging from it. So the practice is certainly not a recent trend.
I'll have to add this to the list of things to discuss with our local folklorist, Dr. Bill, when I see him next.