Why not feed the straps down, through the origininal hangers, along the side of the body and then connect to the tripod socket?
This way, you would be holding the camera right side up, keeping most of the stress on the original location but giving you extra support from the bottom. I think it would more secure that way.
The down side would be that you have to unscrew the strap from the bottom in order to change the film. Would the (hypothetical) extra security be worth it?