Many people are going with 8-plait, for example, Yale Brait. I haven't used a windlass yet (getting up my nerve to drill that big hole), but I have 200' of 1/2" Brait, and I can say that their claims of it packing down better (smaller) in the locker are true (as compared to three-strand). That may give you more "fall" in future, for the same length rode. I was just reading the instructions for the Lewmar 700 horizontal and it calls for at least a 12" fall.
Along those lines, I was just thinking today that I could move the windlass aft a bit if I used a different foredeck cleat (I have one on hand that is 8" vs. 10" but is actually the same effective size as it is beefier/higher). That would put the rode a bit further aft/deeper... maybe that would be a good thing (but I was also thinking it might cause mud, etc. to spatter into the v-berth). Ironically, I had just decided to mount mine right about where you put yours..... :crook
I don't exactly know why, but I've lined up and re-lined up this windlass about 200 times! (Before drilling.)
Anyway, back to the Brait. I really like it. Does pack down small, doesn't seem prone to hockling, etc. About the only thing I think might be a negative is that it seems like it could be "pickery." But I'd think that if that were a problem it would be more on wooden docks or rough pilings, so not anchor rode type places.