Does the Martha Stewart loom kit allow ever decreasing circle looms to be created?

by Steve Shaw
(NSW Australia)

I got inspired by loom knitting to create my first beannie. Unfortunately the only shaping the crown options i could find was adding a straw string and gathering in. I have been wonder if I could use the creasing width method and change to smaller loom rings so not to stretch the stitch too much. I tried transferring to a smaller loom with no success. I kept dropping stitches. Then I saw a MS loom kit with removeable pegs and constructable or breakdownable loom rings. Hence my question, how smaller will the rings go?

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