Lane, I've used off road and aircraft recovery straps multiple times to remove engines. You'll lose a lot of lateral stability (as opposed to head bolt/hoisting location), and you'll really need to know how much 'play' or stretch is in your straps prior to using them or you'll be doing a lot of wrap adjusting.
I ain't about to recommend using them, but I safely use them all the time (not really all the time, but at least twice a month on old heavy engines).
