It keeps the boat pointed nicely to windward, but it doesn't make for easy adjustment of rode length. I have only 45' of chain for the same reasons you mentioned. The blue 5/8" rope snubber below is this year's iteration of my permanent mooring bridle, used in combination with a bridle plate and D shackles at the mooring end, and a 3/4" center pennant. Flotation keeps the hard growth off and keeps the ropes from wrapping the chain beneath the mooring float when they go slack. The different colors help me sort out the spaghetti when I return (they're both clipped to the central pennant before we depart). The heavy Wichard snap hooks attach to the outer ends of the amas (lower picture).

I have another bridle set that travels with the boat. It has the same thimbles but with added hardware so they can either use conventional D shackles or Wichard snap hooks at the far end. The D shackles would be used for a guest mooring, and the snap hooks when we anchor. These snap hooks attach at the rode end to Dyneema loops that I wrap in a Prussic knot around the rode. Much easier (using loops) than a rolling hitch and just as secure.