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The wire should be stainless and on the smaller side. Under the clamps and anchored somehow and somewhere up forward. The hose may loosen up with age and general deterioration. Or the inherent stiffness of the hose makes the common clamp ineffective. Not enough to reduce the indentation traction of the clamps to the hose though to any signifigant degree at the same time. So they will will still hold the wire in place on the hose. When there is not enough substantial resistance to retain the hose on the nipple otherwise occurs.

So the hoses just cannot blow off and that is the greatest liability here. Leakage on the other hand will develop slowly usually.

Really old hoses should be replaced just on general principal. In some way that blown off is not a probable possibility. All hoses deteriorate with time and usage. Trusting the survival of an engine to possible thirty to forty year old oil cooler hoses in many cases is just not smart. It is just better to have a safety wire than not in my opinion on home fabricated replacements.

Or repairing in a fashion where that if the hose becomes relaxed enough under the clamp pressure that it can not blow off. Unfortunatly nobody make a self tensioning clamp strong enough to compensate for some changes in the hose material under the clamps. As well as being tight enough originally. Safety wiring should not be a great deal in itself and easy enough to do. The sole function is to prevent the hose from sliding backwards under certain conditions. Most of us have experienced a hose even in good condition blow off a nipple on something. In some cases there is no prior leakage even present.

Only use the 15 mm hose of course as starting with oversize 5/8 hose is also a poor ideal. I have always found the common screw clamp to be somewhat too weak in many applications as well. Safety wires go a long way to eliminate the worse fear and actual experience of some people. A blown off oil cooler hose and engine failure are pretty much usually a matched event on these cars. It should not be too late to incorporate them on those that have supplied and installed their own hoses already either.