More than once, I've made a winter project of splicing custom snubbers. Never on climbing rope. I've been disappointed each and every time, but it's typically been with the crazy new chain hook that I just had to try. tip..... they are all a waste of money.
I just stick with my inexpensive effortless time tested method. I buy a 3-strand dockline that come pre-spliced with a 12" eye on one end to place over a bow cleat and I tie a rolling hitch to the chain. They are commonly available in various sizes and lengths. We anchor a lot, so I just order a new one, when it gets dirty enough or chafes.
For my last buy, I actually bought anti-chafe sleeve by the foot, to stitch it on where it goes through the cleat and past the bow. I only stitch the end closest to the eye, so it won't fall off, but the line inside can stretch.