Ah, OK they're just talking about the force of the halyard as it goes from the mast tang to the cleat. They're not talking about the downward force caused by the tension of the combined jib luff and shrouds. I'd be willing to bet that if you were able to measure the total downward force on the mast base (thus compression) it would be no where near 66% less. Probably more like 0%. I suppose there would be a little less bending moment on the mast from the halyard. It's just hard to believe that the difference between 300# and 100# or so (and only between the tang and the cleat) is very significant compared to the total downward force provided by the standing rigging.
Back to the first question. Unless someone can tell me that the stiffness of the steel cable is needed for some reason, I think I'll go with Amsteel spliced and a couple of thimbles. I don't mind replacing it once a year and the splices are easy enough to make.
Thanks for the help