Just be sure the line doesn't get into the "bad place". I think you know what I mean, that spot where the two ends meet. As long as your knot doesn't get caught up in there and slide up the ring, or chafe on the ends it should be fine. I guess it's kind of a trade off because the plug will probably have better action with the big old split ring, but you stand the risk of your knot getting screwed up. If it works out for ya then that's all that matters right?
-Brian