Tager, Kaniksu, the weight on the end of the JSD rises and falls as necessary to prevent slack from forming in the line. This greatly dampens shock loads on the attaching hardware by preventing slack from accumulating in the bridal. I am unable to find my reference at the moment but suffice it to say shock loads are huge and are the second most likely mode of failure (chafe being #1) The two (chafe and shock load) often work in tandem.
I like the idea of a ring with some sort of drogue that pulls it to the end of the JSD to recover it. If you can keep it from snagging and tearing cones, and if it can pull itself down to the weighted end (remember the boat is very slow, its attached to the JSD) this sounds like a winner.