I would think it should work fine, so long as the line wrap doesn't chafe anywhere.
Sailplane spares are wrapped with kevlar tow, not copper wire, then wet out with epoxy, and they are very strong (and light too).
For sealing that wrap, I would look at 5 minute epoxy, since its a bit rubbery. But hot glue is also a but rubbery, some of it. Then an overcoat of shrink for more chafe resistance. It should work fine, even if it isn't AMA approved.
While the phrase "Why reinvent the wheel" has merit, they never said that before the wheel was invented.....
It is hard to make progress when nobody is willing to try something different.
Be careful flying the plane with the new wrap job, and report back after some use/abuse.
Regards,
Chris