I threw the drawing up for discusion, there are many ways of setting up a speedline.
The speedline is static, no need to mess with tensioning and untentioning for each piece lowered. As you work your way up the tree, you raise the gibbs, which holds the strap, to the height you are working.
Once you attach the strap, you clip it to the gibbs and simultaniously pull down on the tagline as you push up on the gibbs. This pre-tensions the system.
This system has the advantage that the climber does everything except disconnect the limb, cut it up and put it in the chipper.
This way the groundman isn't standing there waiting for the climber(like rb's picture), and the climber doesn't need to wait for help from the groundman. It's very fast and efficient.
When I use this set up, I can get stuff to the groundman as fast as he can clean it up, we both stay busy. If I were working a 4 man crew, I would do things differently.
If you need to lift the piece, then you are best to use a traditional set up like rb showed, or Fred Berklehammer had a neat idea to put a load hauler(one directional pulley device) on the speedline that would allow you to pull the load up to the static speedline.
TC165's insult of the gibbs is kinda like saying a pliers is a bad tool, because a vise grips is better. Well, every tool has it's use.
The gibbs doesn't have to be there, a cheap prussic and steel carabiner might work just as well for you, or tie knots in the rope if you want. I personally have 3 or 4 gibbs, so I use them.