I used my father's auger the other day and didn't even get a single hole drilled. He had recently replaced the pull cord on his auger with braided nylon rope. The rope was too large for the spool, so he could only get 3" on the spool. It ended up being too short and ended up breaking, because I reached the end. There were some carb issues, so I got the "Ole Jiffy Workout" before it broke. I pulled it apart on the ice, but couldn't melt the end of the fat rope enough with my lighter.
If you replace your pull cord, use actual "pull cord" number 5 diameter I believe. 5-6" will be enough. Pull cord a different polymer and is coated to resist fraying.
If you use nylon rope, you may get away with it, but it might end up ruining your day.