jtrouse, I don't like that long blue string hanging in there. I think you could have just as much luck by taking that piece out, then attaching the retrieval shackle to the seized eye on the end so it looks more like Jamie's.
Jamie- I'd recommend a closed hitch of some sort.
I'm splicing up a new one for myself this weekend. I'll post pics later. I'm going to try the pulley on the end and the ring on the adjuster.
love
nick