I used a very similar setup chicken line on my Prindle 19 for major long distance racing in Mexico and California. It worked much better than foot straps because the center of your mass is near the hook which is prevented from moving forward in a stuff. The foot straps do nothing for your center of mass; you have to rely on your legs and feet to absorb the massive forward momentum.

It's a weird feeling during a stuff with a chicken line because it feels like your whole body is being held in place with a seatbelt but you do get the forward energy transfer as extra weight on your front leg and foot.

Foot straps are better for triangle racing because there is no time to use a chinken line.

Long distance racing is where a chicken line is far superior to foot straps because you can still move your feet around. I have been on one tack for up to 3 hours on the wire and you need to change your foot position periodically, fixed in foot straps would be murder.