I created Candidate Code to make it trivially simple to issue your existing take home coding tests through Git, collect the results and review them collaboratively. Feedback is welcome.
Mostly, I think if you design your hiring process to respect your candidates it's difficult to go too far wrong.
Does your position change at all depending on the length of the take home, or how much effort has been put into designing the test? Or the trust you have in the company?
Personally, I'd rather do a short and focused take-home if it means I can save time on a longer in-person interview setting. It can be a really efficient way of demonstrating a set of skills, which leaves in-person interviews free to discuss higher impact topics like architecture, decision making and soft skills.