I was just listening to Operating Theatre's 'Finestra', and it seems to fit the bill. Plenty of ascending and descending tape spooling noise on that, I'd have thought. It was on the same record as 'Rapid Eye Movements', which is itself another tape piece, but more 'spacious', I suppose. It's quite an old one - originally issued in the early '80s, but still gets played the odd time. Roger Doyle (of Operating Theatre) also had CDs reissued by Artware w/ plenty of tape work - God, probably about 25 years ago now. Yikes!
Perhaps not the sort of thing you're talking about?