Some free advice, so give it as much credibility as you are paying for it. I'm very new to saddle hunting, and to be completely honest, I'm still in the experimentation stage with all my gear.
That said, I've done a fair amount of rock climbing. One thing that got drilled into my head with that was to not attach anything to my harness that wasn't climbing rated. An example would be no non-climbing carabiners used to rack gear, or non climbing rated cords to gather up and rack slings. Stuff like that. Reason I bring this up is whatever you are using the paracord for. Yes it's rated for 550 lbs, but that's not nearly enough to trust your safety to. The working limit of that is like 10%, and I'm guessing you weigh more than 50 lbs. It may not ever be your intention to tie into that paracord where it's going to have to hold your entire weight, but you never know when you might do that by accident. With it's location near other loops and cords that are there to tie into with your entire weight, it's a strong possibility it could happen, and that would be bad.
So, I'd swap that out for something that could hold some real weight. Maybe amsteel, or even some decently rated accessory cord. Something that if you clip to it by accident you know will hold up.