In reply to zcsharp:
> in hindsight i probably should have just threaded the eye of the peg and got lowered off of that
One more comment (I'm off climbing injured at the moment): I would rather abseil in this situation. Sure, the cord adds another point of failure with respect to just threading the peg, but lowering results in about twice as much force on the piece of gear as abseiling. When relying on a single point for the abseil/lower, that factor of two would be a big factor in my decision.
Threading the peg with the rope(s) and abseiling off it directly would probably be the preferred option here, assuming the eye of the peg has a large enough internal radius for the rope you're using.