I was able to squeeze another 1/2mm of thickness off the design by making the drive wheel and cover tape wheel turn at equal rates.  I made up for this by making the cover tape reel slightly larger than the drive wheel (so the clutch still slips).  Its got a Buddha belly now.

11.5mm of width is just .5mm more than the reel the 8mm tapes come on.  I'm done making it thinner.

I have a new idea for how to handle the cover slip the components show through.  I think you're gonna like it.