Hello Brian,
Either method could work, it seems to me.
Strop-and-loop - prevents any wringing of the mast, like a long drift does. Rotating is natural there, and tension on the halyard ought to untwist it. Material against chafe would matter a great deal.
It's inexpensive and fun to set up, and non-committal.
Clamped-on-band - adds to the fun!
Working with dimensions, and handling nuts and washers and sikaflex at great heights, and swapping halyards while hanging from halyards...
Plus it heightens motivation to do it right, because it's going to be there forever.
Perhaps attaching something worthy of becoming the new masthead fitting after mast-shortening would be a wise thing.
In either case, the top halyard block is likely to bang and chafe the mast, until you invent a solution for that.
And in either case, you'll need a second stout halyard for going aloft to the masthead.
Since this is a place, if any place is, for 'If it were me' comments...
I'd leave the extra rope in the halyard and the head on the mast until... a suitable time. Then cut all to fit.
Cheers,
Kurt