A lot of myths going on here. A loop at the base of an antenna will offer NO protection to lightning damage. It will offer some rejection to RF coming down the coax on the outside of the shield but only if it is a transmitting antenna. The method of handling excess cable has no effect unless you make the coils smaller than the bending radius of the coax which could short or change the impedance of the cable. Coiling or figure 8'ing the coax has no effect on its performance unless it is a transmitting antenna and you have RF on the outside of the coax. However excess coax does add additional attenuation to the received signal. It is best to cut the cable to the length needed. Unless like all good radio enthusiasts you are planning on adding 10 more feet of height to the mast or tower. I know I am....................someday!
OK guys and galls, I have to agree that the myths are flowing well today.
First of all, those that have not been around towers with a coil or several coils of coax tied to a mast or leg of a tower need to take a close look the next time they see this. Look close between the metal of the tower and the coax. Notice the black soot or the remains of it after several rain storms have done their work. What your seeing is the remnants of where there was an arc from the coax to the tower leg from a lightning strike.
As has been stated on here already, the lightning doesn't like to make sharp curves. It really is looking for the path path of least resistance. The coil in the coax has done it's part in creating a choke and caused a high resistance to the path of the lightning.
Those that think this is an old wife's tale, better go do some homework in understanding lightning. How to ground a radio tower to prevent damage. Those that propagate the story that a tower can't take a direct strike and still have the radio equipment stay operational better also do some homework.
Why am I saying this? Well I have seen a 500 foot tower take a direct strike, come out of it with the tower steel steaming in the rain from the heat that was generated from the high current flow to the ground. I went inside the equipment shelter and all the radios were playing away just fine except for one. Yup, guess who owned the one that was dead? It belonged to a couple of ham radio operators that just refused to ground their radio cabinet like everyone else in the shelter. They refused to put surge protection on the coax cable and refused to put surge protection on their AC power feed.
Spent 18 years engineering, building, optimizing and measuring ground systems around the country for several cellular companies. They take hits all the time from lightning. Very rarely is any damage done. When there is damage, it generally is because someone took a shortcut and didn't do the install like they should have. Do you think radio, TV and cellular companies along with public safety radio systems would survive if the installs were done sloppy or left out some of the grounding and tricks to keep the radio equipment running? They can't afford to let that happen.
So lets stop the spread of these old tales and tell it like it really is. If you have never been to a radio site and seen just what is done to make them survive, take the effort and make the trip. It would be even better if you could be there when they first start to install the grounding system. Then arrange to come back when all the work is done and the radio equipment is in and operational. You just might learn something.