This is a South African Land Rover link that has some good information on snatch strap stretch and forces generated.
http://www.landroverclub.za.org/snatch_straps.htm
After that, I'm not sure I'd ever use a snatch strap again!
An excellent tip though, about tieing the strap to the vehicle with a slack line to try and prevent the backlash if it breaks, I've never done that. Recovery is fraught with danger in all respects-the forces are high and stuff breaks. It seems like every recovery is at the margin-too far away, stuck too tight, difficult approach etc. For that reason, I would buy as much winch as you can afford, or not buy one at all. Certainly an 8000 is better than no winch, but you are closer to the edge of the envelope during a difficult recovery.
Just curious e9999, where do you see yourself getting stuck, other than in your yard?

If it's sketchy, or you are alone, I would err on the side of too much winch as opposed to not enough. If you will ALWAYS be with others, then an M8000 set up like FirstToy will work.
I do like the approach taken by FirstToy-everything as light as possible-synthetic rope, aluminum hawse fairlead, single battery, as that's less than half the weight of an M12000 or 8274 and a second battery. The syn rope though, does raise the cost significantly.
Last comment-I've had 3 winches apart-an M8000, and M12000, and an older 8274. Hands down, the best internals are on the 8274. The planetary gears inside the M8000 look like toys in comparison. The M10000 IS still available from ARB, and is built on the larger and heavier frame of the M12000. You might check how much they want for one, as it might be a good compromise.