Spliced lifeline hardware--blasphemous question

[teknocholer]

I'm also planning to replace my lifelines, and my hedge fund has been underperforming of late, so I've been thinking along the same lines. In place of a gate eye, I came up with this:



alternatively,



The second is easier to install, but I wonder about the fact that the rope is pinched between the shackle and the stanchion.

Before I go ahead, I would appreciate comments on the safety and practicality of these ideas.