I’ve never seen it done that way.
You could try it and see if it works. For a jibe preventer to work, it must exert a force on the bow side of the boom. When you are pulling on your big loop, you are also exerting a force on the stern side of the boom, since its one big loop, some of the force you are exerting is not being used effectively.If you want to avoid the need to remove and re-attach the jibe preventer when you jibe, than another variation would be to use an "M" style jibe preventer configuration. An "M" style jibe preventer looks like a big "M", it uses two short lines, instead of one long line. The "M" style preventer can be made even shorter by using the toerails closer to the mast and connecting to the boom vang attachment point on the boom. Your mooring cleats and chainplates can withstand a lot more force than your toerail, but on smaller sailboats where the force generated by the wind on the mainsail is manageable, you could use the toerail instead of your bow cleats. On a San Juan 23 owner’s website, he showed a diagram on how he did it.Fair Wind.Clyde