My peep sight string on my Hoyt HavocTec (4 yrs. old) dry rotted at both ends so I cut 1/2" off each end, tied the front back on & slipped the sting into the peep sight "attachment point". Is this OK to do?

Also, upon drawing back, I noticed the peep sight string is not level w/ my nocked arrow, does this make a difference? I retied in the exact same spot as it's been tied for 4 years now and it shoots fine, just something I noticed and thought I'd ask.

Thanks!