I use 1/8" dacron kite line - non-stretch and not prone to tangle at all (as you might guess from its intended use) - google for kite supplies - forgot where i got mine - its 500# test (not a kernmantle construction like that yellow line in the link or paracord.)

I only use one cheap single wheel pulley on top, run the line down to a rescue pulley that is just a wheel over a biner (I use the cheap 99cent mini-biners) -

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that clips to the pack with a biner, and the rope back up top thru another mini-biner - the cheap mini biners are plenty strong enough for me with the load distributed the way it is.  Once I have tension on the pack, the line stays on that orange wheel just fine.

that's my ultralight version - biners and pulley and two 50' lengths for the hanging line to two trees, one 50' hoisting line, and a thin heaving line all fit in a quart size ziplock bag - total weight is 11.4 ounces.  I can hoist food for two for 14 days with this rig, but that's at an average of 1.3# per person/day so lighter than most food packs would be.


this is the same concept as the "Z Pulley" rescue for canoes - learn one and you know the other