Some confusion on the original post. "Wire to rope centerboard halyard." Yes, wire to rope halyards for sails were used in the past, before low stretch and creep Dyneema and Vectran line was commonly available. The new, high tech lines have less stretch than the stainless steel wire. So, it appears we all thought you were talking about replacing the halyards, hence discussions of line choice, sheave replacement in the mast, etc.
Pendant lines are used to raise and lower centerboards. As pointed out, a non-ballasted pivoting board is a centerboard. A ballasted pivoting board, often cast iron, is commonly called a swing keel. Most boats with a swing keel do use a wire pendant on a winch to lift the keel. Many people have found that replacing the wire with a single braid Dyneema such as Amsteel Blue by Sampson provides equal strength, less friction, and it's easier to deal with. Lots of folks with a West Wight Potter 19 have replaced the wire with Dyneema on their lifting keel with good results.
As for the centerboard pendant lines, I think most as found on O'days and Precisions, are made of polyester double braids, such as New England Sta-set. It's all around decent, inexpensive line, with good durability, and where stretch isn't a concern, it's a great choice. My pendant on the 192 was serviceable. But I just don't trust old lines, so I ordered a new one from Rudy at D&R. The old one had a long Schaefer shackle that looked like a thin, stamped SS halyard shackle. The new one was a very nice tapered forged type of shackle, with a length of New England Sta-set spliced to it. I found that the new shackle fit very snugly on the centerboard, with hardly any room between the aft edge of the board and the eye splice. I'm hoping this shackle design is easier on the fiberglass, as the old shackle had chipped off the gelcoat on the lip of the centerboard trunk. I had to put some epoxy on those chips.
Brian