It's gonna be a bad day if you need to use your tow hooks. It means you can't return to the pits under your own power.
So, if you need them, might as well make them as light as possible. And inexpensive. Many of the common steel ones go for $40 a piece.
I was then pleased to find these lightweight tow straps from Safequip. $40 for the pair, and super lightweight. The front one is bolted to the chassis and threaded through the driving light opening.
The rear is connected to the bumper shock mount. Nice and tidy. The other benefit of straps over steal is that if you do bump while racing, no damage can happen to the bumper's or the bumpee's cars.