Yeah, that is a very good point. In the past when a step link was too mangled to use anymore, I have successfully substituted a small loop of 3/16 low stretch halyard line. It worked well, IIRC, though I thought it a little risky at the time. Perhaps the better answer to mast step woes on these >30' mast boats is the use of lateral restraint lines while stepping, rather than trying to strengthen the link.

Jimbo