The rod has a ball head, allowing it to rotate to ensure correct alignment. Without any articulation, you're creating sheer loads that can lead to rapid failure. So if you want to replace it all, you need to have articulated fittings on the inside, same as outside. You could use a toggle and swaged eye just like outside, on either rod or wire rope to achieve this. Rod is generally neater and will last indefinitely inside (unless you leave it leaking for a long time). However, rod riggers with the right tools are hard to find and more so now that synthetic is replacing rod.
If you go with wire rope, you also need a turnbuckle to tension it correctly. The rod has simply a thread cut into one end and is tensioned with nuts against the bulkhead fitting, at least on our boat it was.
You do not need to oversize things, rod rigging is used in yachts above deck and has well documented working load limits, typically about 30% higher than 1x19 A4 wire rope of the same diameter. Bavaria has already sized them accordingly (although I think it's Selden that did the rig calculations for them).