I'd just use a torus and a couple of sphere primitives to 'fake' the scrunchie, myself. Odds are good you won't get an angle that the elastic part of the scrunchie is going to be under any sort of scrutiny, and the beads can be easily set in the materials room to look right.
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"You know how parents tell you everything's going to fine, but you know they're lying to make you feel better? Everything's going to be fine." - The Doctor
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"You know how parents tell you everything's going to fine, but you know they're lying to make you feel better? Everything's going to be fine." - The Doctor