Well I (and obviously others) disagree with this. I just pulled a cut up tree in several large pieces out of our woods using this technique and I believe it's a very practical way to work. Some of your concerns are answered by:
My tractor is a Kubota
B2920 CUT has turf tires, so I have the same traction in reverse as forward. I knew I was dragging with the FEL, so I loaded the 3 point hitch with my carryall which allowed me to carry the chain saw, axe, chain lube, extra fuel and chain, which made a great wood clearing setup, so I had a counterweight. Pivoting a log around with the FEL and the opposite side on the ground shouldn't put severe stress on the loader arms. Since the OP posted the weight of the load and it's within the FEL capacity with reserve, it's also within the range of weights that the front axle is rated for.
Some of the advantages that I see to this are:
It's easier to put the FEL over the log to lift, then the 3PH.
I have more control over the FEL then the 3PH.
The OP would not have to purchase any additional implements or attachments to do this job. They could work with the equipment that they have.
Larry