Ashok, your attached screenshot shows identical stiffness in both directions which you don't want to do. Tension and compression directions depend on how you draw the 2-point link, which determines the +1 local direction. Use set display menu to activate display of link local axis in order to view local axis directions and you will see.
Change units to KN, mm and input into the plastic link the parameters you describe above, except that you wrote earlier that tension direction has a limit.. and that limit can be specified in the plastic link.
A hook won't work because a hook, like a gap link, has a constant stiffness in each direction after the hook becomes active. A multi-linear plastic link is needed to model what you describe where you have a build-up force and then a break-away force causes the stiffness to reduce to zero or near-zero.
Regarding meshing, the key to meshing solid elements is to first mesh the shell elements the way you want them before extruding the areas into solids. There are many more mesh options for shell elements than for solid elements, which have fewer mesh options. Mesh by gridlines, for example, which I described above attaching a screenshot is very powerful, but can be used for meshing areas only, not solid elements. Mesh first with shell areas, then extrude into solids.