That is a great idea. Those straps with the 2 foot chain on the end. But I think I would skip the cable all together. Throw a regular chain over, hook the chain hook on your strap to it a few feet up off the deck. Tighten and run.
The more I think about all the fighting I've done with cables and crushed cars this is genius. You could always put a binder on the other side to get it good and tight. It would be limited to the 5,500# strap. Makes a person wonder what he was thinking sometimes doing things the same old way as everybody else around him.
Well if you are using 5/16" chain then that is a mute point because the strap has a higher WLL than the chain. No need for a binder as the strap can be used to tighten the chain.