I've used a short length of 1" woven hawser from a coast guard boat for a few years now. It has a very small amount of stretch and I tie a bowline around the harmonic balancer and one around the bellhousing, with a pair of half hitches to limit how far the line can travel through the hook on the cherry picker. It has worked well for me, and I never ever put my feet under the hoist or engine while moving it. Tow straps would work just as well. They give some indication of stress before failure, unlike a chain. Just don't create any pinch points on sharp edges.
I would trust the rocker arm shaft not to bend but I wouldn't really trust the bolts or castings that hold it to the head.
