I would try and get more bolts! You can't have folks falling down a blind pitch, so getting into the level safely off the first pitch is paramount - and getting the right length on the slack loop will be difficult, as the rope following it will likely be on the floor, not floating midway up. There will be horrible rub on that bottom edge if too long, and you'll struggle to get in or out of the passage if too short. You really need another bolt or two inside the level so folks can get off the first down pitch safely, and at least one more backup bolt before the second rebelay.