Thanks to all who provided input, on various sides of the equation. I appreciate it. I'm flip-flopping on the subject. It is a tangled-up bunch of abandoned cable. It looks like a loose wad of string, of course it is 1.5" diameter steel braid.
It would probably grab fishing line moreso than the old dead live oak I plan to push in there. But the greatest hazard to swimmers is probably pokes from frayed wires which could cause scratches.
I've been waivering on going all-natural with cover versus the lot's of junk approach. Still not sure. Still thinking....but thanks for the thought-provoking comments. I'm starting to think about lots of junk that I have around that would probably make great cover for various species...that old hog trap...that old deer feeder metal drum that is rusted through in places...that 1933 disc parked under the tree...
I'd still like to go all-natural if I can get away with it. I've got a couple of full-sized down live oaks, that have been dead for at least 3 years, which may serve as my main cover at least for now.