Put my 2c worth in on your post in the newbie section

That's a pretty crap safety line set up for sure :-(
If it was mine, I would disconnect the safety leash and the ring from above the bar and replace it with some old front line that runs through the bar and the chickeloop setup and re-attach the stainless ring to it - then attach the safety leash to the ring so now the safety attachment is within the loop of the chickenloop - does that make sense?? the extension of the safety line to go from the red ball to the chicken look has one problem - its not elasticised so when you pull depower the safety line will hang loose - not at all ideal !!
Id recommend taking the bar to your closest shop and get them to sort out a solution that is practical and safe !!

It may be an average line setup but at least it's in what appears to be close to brand new condition. Looks like it hasn't been used!!

Maybe the previous owner couldn't get their head around how it worked effectively either?!???

If your not doing all that spinning and upside down stuff,
its fine the way it is.
If you find it annoying, spend the money and get something else.
I spent 5 years on a safety line above the bar and thought nothing of it.
Thats because I don't do ballet stuff.
By the way, don't mod something if your not sure.
You may get hurt as the safety may not work as intended.

Because the V is so low, if you run an extension on that through the bar, you may not have a lot of flag out capability.

Buy a slingshot style swivel and run a 5th, provided there is an attachment point for it.