ireckon,

I'm afraid that the redesign has the same flaw. Someone or something can grab both ends of the line and you end up with a noose.

The best place for weak point is at the back of the lanyard where the wrist or neck sits (where it is highly unlikely that both ends can be grabbed, accidentally or deliberately).

If this is not comfortable, how about two-thirds of the way up on one side? Machinery and the like is not likely to grab things that far up.