All the straight line work I've done lately - say about 7-8 years, I've used braided UHMW polyethylene (Spectra tm) fishing line. It's very strong (100 lb test), very VERY low stretch and very smooth. The only problem is that it's so smooth and so slick that it doesn't hold knots well. I keep mine on a small open face fishing reel on a stub of a rod that makes keeping the line working and untangled a breeze.
The Spectra can be tensioned to the limits your pins can hold, so you can keep sag to a minimum. I made my own pins with 1/8" drill rod, hardened and tempered, epoxied into turned handles. In my work, I'm usually using the string line on "framing" that is not part of the end result, so I can drive the pins in to a depth of and inch or so to hold a lot of tension.
Works for me.
Fair winds and following seas,
Jim Waldron