I replaced the lifelines on Coconutz with 3 Strand Dacron (polyester)
The old PVC coated wire was suffering from corrosion in some spots and I was afraid of them snapping at the worst possible time.
The new life lines are a much simpler setup and I can inspect them for chafe and wear more easily. Also the whole setup is much cheaper and I was able to easily splice the line my self.
The reason I seized the end with the pelican hook was because I was afraid the line would stretch beyond what I could take up with the turnbuckle, so once the line is a little more seasoned I will take out the slack and reset the turnbuckle and then put in a shackle splice.