I bet it would hold just fine. But since it hasn't been tested for this use and isn't generally considered acceptable, I'd stay away from it without testing it out.
Also, since you have to knot one side anyway, the OCD part of me would rather the whole thing be knotted.
That said, the stitched termination IS more elegant. If I had that harness, I'd pursue the concept and see if it was reasonable. If it could hold in that manner, I'd send my harness to someone that could install a stitched eye on both sides.
Also, I think HTP would be an AWESOME cord for a bridge.
love
nick