It has been done. And discussed in earlier forums.
The problem is that dyneema/spectra is so small that it cuts into the bark of limbs and jambs there, never to be recovered. This can happen with the larger Ursalite as well. IOW, your precious food bag can stay 15 feet up in the air, dangling from a limb too small to climb out on and too strong to break by jerking on the line. This problem seems to be most severe on the PCT where a limited number of limbs have been scored by numerous hikers with small line. The guyline cord also snags rather badly, IMHO.
One of the more reliable lines is MuleTape in 1/4 inch or 3/8 inch – whichever you can find by begging or scavenging from cable crews. It is used to pull optical cable. The flat tape is rediculously strong Kevlar or generic aramid, and being flat, does not cut into limbs. Standard RP1800, 3/8″, is rated at 1800 pounds. The 1/4″ is polyester instead of aramid and rates only to 400 pounds. 50 feet of 3/8″ Mule Tape weighs 3 ounces.