If you want to simplify more and possibly save a little more $ don't even use loop straps. Just run a strap all the way around the bay and set the cooler on the straps and rig so you just pull up on the strap and the cooler will rise. Same thing works after the cooler is in the bay just go over the top of the cooler to hold the cooler in place. You can also make your own loop strap with a knot. Most outfitters don't use loop straps, just one more item to inventory.
The road to Hell is paved with good intentions. KARL MARX