This is the important picture. I would guess (from my chair in Franklin, WI) that this is a hazard tree, at least high risk of failure.
One can safely assume that diveway installation did the damage, and when they replace it in several years, more will be done.
If they are interested in knowing if it can be saved, I would dig in the decay to see how big the pocket is. It looks like a maple, what species?
If the decay is too much, you may want to get someone with a bucket to do it.
As for rigging line, I would have no problem using 1/2 inch stable-braid. You may not want to go real big with this tree anyways.
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