and what about cuts where they attach to a mooring ball, and chafe if your pennant wraps on the mooring line?

BTW -- no matter what kind of mooring you use, I strongly recommend putting closed cell insulation on the pennants so they can't sink when they go slack. Once they sink they wrap under the ball and chafe.

Note my bridle in the image below is floating. I use closed cell split insulation (I-D sized to fit your pennant) from Home Depot, and wrap it with 3M yellow electric tape about every 2-ft. for visibility to passing boats.