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I'll reply to my own question here and flag that in the video breaking down the AZ recovery (reposted below) the guy says NOT to connect the rope directly to the hitch pin, for the reason I stated above (potential to bend/break the hitch pin given it's no longer true sheer pressure). I trust that opinion, so it seems like a properly rated hitch & shackle is the way to go.

[MEDIA=youtube]Mb3BkeeXlIo[/MEDIA]