A very interesting problem, treeseer! I was especially intrigued by TreeCo's comment that the cable might make things worse.
If you consider the tree to be a beam standing on end, anchored in the ground, with a defect 30 feet off the ground, and subject to horizontal wind loads, I think it quickly becomes apparent that the cable should dramatically help.
First imagine the tree in its neutral position with no wind. With a camera or our imaginations we take careful note of the exact position of the defect and the future anchor point for the cable. Assume the anchor point is placed at the center of force for possible wind loads. This would be a kind of balance point for the wind loads above the defect, so that, just considering that upper section, the wind force above the anchor and below the anchor would be the same.
Now imagine a wind load of 1000 lbs above the defect that will just about cause failure. This produces a shear force at the defect of 1000 lbs. It also produces a moment at the defect that we can't easily specify. But the camera comes to the rescue. We snap a photo under this extreme wind load and note the defect has moved 1 inch from its neutral position, and the future cable anchor has moved 6 inches. I made up the numbers, obviously, but they seem reasonable. The difference between these two--5 inches--is a rough measure of the bending force or moment that is trying to break the defect. It is worth noting that much of the 1 inch movement of the stem at the defect is due to the wind load on the upper section. If that section were missing, the same wind would move the trunk less, maybe much less, than the one inch we observe.
Now install the cable and crank up the wind again till there is a 1000 lb load on the upper section. The shear force on the defect is now close to zero since the cable is stopping all motion of the anchor point and taking the full load. How much does the defect move? Something less than one inch. Since the anchor point hasn't moved at all, the bending at the defect is a small fraction of what it was without the cable. What's more, it is now bending in the opposite direction, away from the house!
It should be noted that the cable does add a large vertical load to the stem. In the case of our 1000 lb. wind load and a 45 degree cable, the added vertical load would also be 1000 lbs.
I can't claim that this simple anaysis is a good fit for your actual tree, but it seems to suggest, as a first approximation, that the cable guy would do a good job of mitigating the hazard and not make it worse. (IMHO).