I use 1/4" winch line and it works fine, except if you run it through a small (under 4") pulley it will "corkscrew" sometimes. Which makes it a real pain to store. I ran wire rope through a 1/2" shackle bow when I ran out of blocks for a multiple block pull, pretty much wrecked the whole cable.
I have used rope before, my experience with the 7,000 pound 1/2 is that it "bruises" easy and you end up with a weak spot and you have to cut out the bad spot and reseal the ends too much. Braided is probably better, but, it drives me crazy when it flattens and then separates.
Though syn. rope is MUCH safer to use then wire rope. Though wire rope will stand up to being pulled through the mud and brush much better. You might consider "bull ropes", a much bigger investment, but, they hold up better to pulleys and abuse.