This is a good solution, but there are some things to consider.
Start by inspecting your masthead sheave to.
1. Verify that the sheave is designed for rope (some wire sheaves have a V formed grove.
2. Check that the masthead sheave has no damage on it that will "eat" the rope.
3. Find the maximum diameter the masthead sheave can take, if the diameter is to small you have an option to use "naked" high modulus line (the outer cover removed on the part of the rope that goes through the sheave.
4. replace sheave if needed
5. Select rope high modulus rope