I did this. It was for a for a friend who is a retired yachtsman who has more miles on the water than 95% of the people here! He and I discussed the pros and cons of the project. He was in the South Pacific and his vinyl coated wire lifelines were bleeding rust. There were several factors in the decision to go with Dyneema. One of the reasons I agreed to do it was that nobody will be hiking on these lifelines! His Genoa and staysail are high clewed, and don’t touch the lifelines. The lifeline holes through the stanchions are smooth, but we added chafe protection as an extra step. It’s on a heavy 56’ cruiser, with an electric furler for the Genoa and a line furler for the Staysail. When offshore, nobody leaves the cockpit without being harnessed and clipped in! The studs are 1/4”, and were assembled with thread lock. Aft of the gate is a sold rail. I don’t loose any sleep over this job!
All of this said, I don’t like Dyneema lifelines on raceboats, and agree with the revision of the rules to prohibit them!