Looks slick. I would be worried about the webbing wicking water in. While water might not come in when you pour a bucket over it, if the webbing stays wet it will tend to wick into the webbing and might drip inside. Probably not enough to cause any real problems, but people who insist on 100% water proof might not approve.

: This photo is of the soft padeye and slot: 1. Cut an oversized slot and fill
: it with epoxy
: 2. Cut a smaller slot in the cured epoxy for your webbing

: I've found that this method effectively seals the end grain against any water
: intrusion.

: Joe