Mike- there's a great article by brian toss from several years ago- I think I can find it. it's in a sailing magazine where they did a bunch of testing on a bunch of different knots in high-modulus ropes. Most conventional knots slipped, some broke. It usually involved tying stopper knots in the ends of the lines. Let me see if I can find the article.
Assuming you want to occanially ditch the other leg of the Y, I'd start experimenting with knots. You could splice an eye in the main line, then girth hitch a 20' strand of rope to the eye when you want the splitter, but we know that the "drag-around end" of the wich line, which in this case would have a splice on it, would get trashed from being drug over the dirt, rocks, sidewalk, etc.
So my suggetion, Discover the best knot. If it were me, I'd probably start with a double-looped version of the sheetbend and see how that does. Yes, you'll be drastically reducing strengths of the rope- but as you've noted, you have a huge margin for error here, so you'll be fine.
I must respectfully disagree with your thoughts on why the "scooted-down-locked-brummel" would work. Your thoughts assume that the load is happenning on the eye-side of the splice, but it gets pulled from both ends- so you're moving the knot away from the piece and toward the anchor, but the piece and the anchor are holding the same amount of force. We'd have to do some testing to come up with anything inclusive.
I like this thread!
love
nick