Strap from Hood to Firewall of GM Vehicles
Directly from GM Bulletin:
The purpose of a grounding strap is not to provide a DC grounding circuit (though it does accomplish that). Rather, it provides a better ground for radio-frequency (RF) signals -- that is, not DC.
It's arguable that the stock grounding straps aren't sufficient to provide good RF grounding, but the idea is to eliminate electromagnetic interference (EMI) -- specifically, radio-frequency interference (RFI). Without a grounding strap, electromagnetic waves can form between the hood and the rest of the car's body panels. This can cause unwanted currents to form on "victim" circuits due to electromagnetic coupling. You might not think that's a big deal, but it is the type of issue that used to cause helicopters to fall out of the sky whenever they flew over military bases transmitting high-powered RF signals. It's also the reason why you're not supposed to use cell-phones in airplanes or near hospitals' life support systems. It's the reason why my uncle (with a pacemaker) can't work around running engines. People have died because of it, and there's a whole field of engineering dedicated to testing and eliminating EMI.
The reason the grounding straps are braided is because the braiding provides a large surface area. Radio frequencies don't travel through the core of a wire -- they travel through the surface of the wire due to something known as the "skin effect". Looking cool has nothing to do with it -- the braiding is to provide better RF grounding. Plus it's more flexible and less likely to snap off, after being bent around from the hood opening and closing.
You can do what you want, but I'll trust that the GM engineers know what they're doing -- keep the grounding straps in place. You can use a universal one, but keep it as short as possible -- too long, and you'll have effectively created another antenna.