I went with Adventure Trailers fuel can bracket and I couldn't be happier. I had the same problem with the locking strap and decided the I would cut the strap at the bend and install a hinge. I riveted them on and it looks like it came that way since the whole bracket is riveted to begin with. You can see the hinge in behind my beer in the picture below. I also added a L bracket at the end of the strap to keep it from sliding. I'll take a picture tonight so you can see what I mean. These brackets are awesome the will hold a full can of fuel or water and it doesn't move at all. I did have to use spacers to get some clearance from the body of the trailer so the can will clear the rack I have on the tongue and I cut off the handle on the corner of the tub. I usually keep fuel cans in the brackets all the time just to keep the strap from rattling.
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you can see the hinge behind my beer
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Strap hinges up to access fuel/water can