Adding inner forestay

[Sausalitodave]

We are adding an inner forestay to accommodate a storm sail on a brand new Hanse 505. Our plan is to come up from the forepeak bulkhead, through the deck and angle up to the attachment point on the mast. This design will put the plate in tension and distribute the upward forces to the bulkhead and any lateral forces to the deck. It is a stiff boat and the loads are relatively low, so I think the design is sold. We are planning on using 7/16 SS wire, but struggling to understand proper sizing of the custom-made plate. Thinking 3/8 (bigger than the wire) with a clevis pin sized to be the weakest point. Since the yield strength of SS is around 30Ksi, I assume that if I use 2"-wide material with the hole located 1" back I will have more than enough strength in the plate. Does this seem correct?

Thanks in advance

Dave