Like Ron, I use loop in other places, such as teaching a hey.
My big problem with "loop," however, is that it doesn't imply two things in close proximity that are moving in mirror tandem--looping is a loose, outer edge, expansive movement and word. You loop around a stationary person (cast off), you loop wide in a promenade, you loop around the end of a hey (take time, don't rush it!), you bring the lady around a stationary gent in a Cowboy Loop, or you loop to the left in a Grapevine Twist. Someone who is loopy is a little off-balance, crazy, being silly, or otherwise acting in an out-of--the-ordinary manner. For a figure, all of that implies an outward-oriented and wide-based motion quite distinct from the Gypsy's actual feel.
Unfortunately, I don't have another proposal at this time. Mirror seems applicable, but that's in use already.
I'd also like to throw another consideration into the ring. Changing the name and teaching methods can alter the dancer's perception, experience, and execution of the figure. Shakespeare posited that "a rose by any other name would smell as sweet," but Juliet probably would not be very inclined to buy, plant, and then sniff a "dung bush;" clearly his argument only goes so far from a marketing perspective. "Seesaw" is infinitely more fun than a mere "left dosado," both to say and hear, and the contra Gypsy feels different from the square dance walk around--even though they are arguably the same exact move.