Jerry, your U-bolt looks like it should work, and I'll bet it will work.
The yard sling is the closest thing we have, in a junk rig, to a genoa clew type of critical, heavily-loaded, knocked-about fitting. And what does it usually have to carry? Maybe, triple the weight of the sail, as a guess? Not very much, really. Not much at all. It's not a helicopter we're building.
About keeping sling lashing from sliding on the yard, I use a bronze strap with an eye bent into it, screwed on in line with the yard. The rope goes over, over, through, over, over... uh, it's in mehitabel's photos, old rig version and new.
Cheers,
Kurt