Hi joey54,
I have been doing this for awhile so have read a lot of information and constructed a variety of cables, some that sound pretty good and others not so much. For information, you can search both this site and over at Audio Asylum in the Cable Asylum, particularly articles by Jon Risch (you can search by author over there). Goals for speaker and power cables are mostly low inductance and low resistance. Goals for ICs include low capacitance and EMI/RFI rejection while low resistance is not as important for ICs.
A posting by Jon Risch at AA gives this basic information for twisted pair XLR ICs;
For XLR to XLR, twisted pairs should be constructed like this:
pin 2 to pin 2, pin 3 to pin 3 for the twisted pair wires, THEN, the shield to pin 1 of the source component. This SHOULD work for true balanced gear, but some is not true balanced, and a ground reference connection must be made, in this case, wrap a 16 gauge tinned stranded hookup wire around the OUTSIDE of the shield braid, and connect to pin 1 at both ends. This will help keep any ground currents from interfering with the two differential pairs, and minimize cable capacitance.
BTW, as for all DIY twisted pairs, I recommend spacing the shield briad AWAY from the twisted pairs using a high quality insulation, and then oversized braid for a shield covering.
Better XLRs do help, but the industry standard Neutrik and Switchcraft are pretty decent, it is the other cheapo brands of XLR’s that you have to watch out for adversely afecting the sound.
So, the design I used consisted of a twisted pair, to reduce EMI/RFI, spacing material to keep the shield away from the conductors, a braid shield connected at the source end only to further reject EMI/RFI, a ground wire outside of the shield that is of a larger gauge than the signal wires, tech flex, heat shrink, and high quality connectors.
If you dig deeper into design options, you might find some believe there are benefits to spacing the signal cables away from each other a certain distance. Risch from AA did this by using cores of coaxial cables that are surrounded by foamed dielectric material, others do this by a variety of methods, including laying the wires flat with a consistent spacing between packing tape or sewed into material. Most manufactured ICs (if not coax) are a simple twisted pair, or multiple wires twisted around a core, because those designs are easier to mass-manufacture. Wires twisted around a core is the basis for DIY ICs you can read about at the VH Audio website. Consistency in spacing is important. Good luck whatever you choose to do.