Yup, that's it, Tony. A ring could be used as well (in place of the F8) to create the same effect.
I keep my hitch above the F8, and both the hitch and F8 are on the same leg as to maintain a choke around the base.
My respectful constructive criticism of your base anchor would be to put the hitch (which will hold until loaded to a point of slipping) where the F8 is located, and the F8 below the hitch.
I've looked over the setup, and it seems like if the F8 were to go slack and allow rope to pass through, when reloaded, the hitch wouldn't create the choke effect. Essentially, your choke is created by something that could allow the rope move, and the hitch will release the choke when loaded...
...or am I seeing that totally wrong?