I agree with Tn_Tree_Man that a drop-crotching/reduction cut would be the preferred solution for this situation. But, if you do decide to keep the split crotch for a while (it's not gonna last forever), I would rework that rodding job. It's hard to tell scale by the picture, but it looks like you could go up in size just a little. Go get you a stainless steel threaded rod (I'd probably use two) a little larger than what you have. They should be hard to find, and somewhere like Graingers carries them, if they aren't available at your nearest big-box store. The next change would be to carefully trace around the washers (similar to what you have now or thicker) with a knife and remove the bark under the washers. You want those washers against xylem (not the bark), and I would try to embed the washers so the outer edge is approximately equal with the outer edge of bark. This will give you a lot better support and allow the tree to start covering over that wound (and the hardware). One you get the washers seated properly, cut the rod off flush with the outer edge of the nuts. In a short time, the tree will cover over the hardware and rodding wound, but your crotch is still gonna be a magnet for rot. Maybe you'll get a decade or so out of that trunk before significant rot leads to failure.

I'm so glad you posted this on a few of the forums to get an answer.I went looking for someone to help you and found the Q&A in another forum. Sometimes a specific forum member has the perfect answer. I sure would to see a pic of your finished product, if you can manage one.

Unfortunately this particular forum has less hope of survival than your fig. I'd go for some specialist arborist advice try the DPI for your state ? and persist until you can either find advice or a recommendation elsewhere http://www.dpi.nsw.gov.au/aboutus/about/contact

Thank you so much for your help! I have included the photos you asked for below. Our landscape designer recommends that we keep the supports in place for around one year and take them off somewhere around Nov. 2016. So you don't think we need to ask for a different FPR tree? Are these common enough problems that we might end up with similar issues with any FPR tree we get? Thanks again so much! Here is picture of the full trunk. The split wound is at the very top middle of the pic., to get an idea of how each of the wounds are located to each other. Here is a close-up of the bottom of the trunk. Here is a better picture of the support lumber from the side. And, here is a close-up of how the support lumber is attached to the tree. Just let me know if you or anyone else would like to see any other photos of the tree to give us advice. ~Thanks!