If you decide to try it, it would put less stress on the handle if you fashion a bridle that attaches to each side of the handle next to the boat. Whether it's strong enough would probably depend on your weight and how much you're pulling on it. It wasn't designed to be used this way but the molded-in nuts are usually pretty strong. I imagine you'd be trying it at your own risk.
You could also through-bolt a couple of padeyes on the foredeck to accomplish the same purpose, using large washers or SS plates underneath to distribute the load.
