Your post reminds me of one of the big Kayaks I worked on......
We would regularly wear out ten 3/4" wire cargo runners during the course of a discharge using the ship's union purchase gear. I would order the spare runners with the machine-swaged splices on both ends as they are stronger than a manual splice. Your tool looks more like a crimper than a swager. If we did need an eye splice, we would do a Liverpool. If we were in a hurry, we would use U-clips or do a molly hogan splice.