3M contact cement. You apply a very light amount to the groove in the hoop and to the underside of the strip and wait for it to get tacky. You carefully align things and starting at one end, you lay the strip in and press it as you go until you get to the other end. Be warned, though....There's no second chances with contact cement. If you get out of alignment, the whole thing is trashed because the glue won't let you manipulate the orientation once it makes contact. And once it makes contact, it's not going to move!
I've never tried the hi-bond tape method, but for hoop strips, it might be perfect. I wouldn't use it for wrapping a drum, though, because it leaves air gaps....but I digress:p