At our library we use a similar temporary binding for journal volumes
that are incomplete. Only instead of ties the boards are held together
with a plastic toggle that's inserted by our Handi-bind machine. While it
doesn't hold up as well as a permanent binding, it does have the advantage
of being removable (for when, if ever, we receive the missing issues) and
of keeping the issues we do have together with some backing. The biggest
drawback is photocopying. For patrons who know or ask we remove the
boards so that they can photocopy, otherwise it's pretty difficult.