Do the Math
Hi,
That strop would be something less than half the strength of the full rope. Taking it around the mast results in a shared load between the sides, which brings the strength back up, but it will be knocked back down again by the angle formed between the sides, the radius at the shackle, and loss of efficiency in the knot(s). Don't do it.
We have a variety of ultra-strong mast slings that we use for this purpose, with a Sling Hitch. Look up "Olympic Synthetics" to see examples. Not spendy, and useful for a wide range of things. Alternatively, a very long strop, with multiple turns, would do the job. The tricky bit is getting even tension on all turns.
Fair leads,
Brion Toss
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