Yes, that loop was used both times I removed and replaced my engine. Mine even bent back toward the flywheel since I used a chain and hoist w/o a leveling cradle. I was hoping to jack up the enginge, rather than lift it, since I don't have ready access to lifts.
Jim Hudson Wooster, OH 1967 Firebird 400 4-Speed Coupe 11,556.7 original miles - some a 1/4 mile at a time