Tow strap 101 (I'm no expert, don't claim to be one, may not be 100% right...but, I did stay at a Holiday Inn Express last night)
NEVER buy a tow strap with hooks. Get a good quality strap with loops on the end to be used with a clevis shackle.
Tow straps have a built in "stretch" and make pulling/yanking/tugging smoother.
Clevis shackles come in different sizes...make sure to get ones that will fit your mounting points. For the VX 1" will work with some effort but the 3/4" fit better.
You can get a good quality strap at most good 4x4 shops.
Personally I would never use a chain...they are not pretty when they break.
Placing a blanket/jacket or something over the strap is a good idea but not a necessity. Straps don't store enough energy (much like sythetic winch rope) to do damage...but always error on the side of safety. I think most were thinking of wire winch rope. Unless of course the strap has hooks on the end...but again refer to the first tip.
And a strap can be doubled over to shorten it in half.
I am sure there is a lot more and not everyone will agree with me but this is just my 2 cents...take it for what its worth.