<anip> I've never used a bungee on my anchor line or reel cuz I'm too chicken. I figure that's 2 extra knots which can come loose. <snip>
I am visioning that if you tied the bungee directly onto the rope (vs. cutting the rope and putting the bungee between) and gave some length to the rope so that when the bungee was stretched taught, then there would still be a little play in the rope, it would work. Then if the bungee came loose, you are only loosing the bungee..