Not really concerned, I just think removing the ring and replacing with a shackle is kinda redundant. I could attach the shackle Ive modded onto the P directly to the saddle(actaully I did) but then the P doesnt line up right when under load. My preference woulkd be to feed the rope thru the ring on the left (like your barrel knot setup), then run it thru the P for adjustment, but I tried that too and it dont work, the ring puts pressure on the P just right and it slips. I toyed around pretty thoroughly with it, it seems to function best as pictured.
Time will tell tho
For over a year I used the same set up with a ropeman for an adjuster, but this set up meets all min ratings, whereas the ropeman did not.