The physics of it is similar to a braking cable, which is governed by the capstan equation. (Cable Mechanism Maths: Designing Against The Capstan Equation | Hackaday) So as long as you add enough slack to the wire to account for the lengthening of the dyneema rope when it is under tension, the wire can still slide freely when the rope is under tension, you don’t include too many turns, and there aren’t any pinch points, I think this should work, which I think is counterintuitive.