Use a longer strap if possible. If not possible, I'd say use a shackle.
A shackle is more secure than a dowel will ever be, and tying two straps together at the loops does nothing but create a weak point. Where as a shackle doesn't remove strength from the strap so long as it's the proper duty rating.
Annnnnnnd I've seen a snapped 130,000lb tow strap (I believe they're sand surrounded kevlar ropes or something, they're made for crane lifting) that was shackled into a 150,000lb tow strap, when it snapped, the strap fell to the ground.
We were using it to pull a Cat 980 loader out of a sump...