My strategy would include the following things, whether or not you use a strap:
thorough stretching before and after exercise.
Strengthening work on the muscles around the knee, and those that could be contributing to ITB tightness - ie quads, gluteus maximus, gluteus medius, hamstrings
Run on soft, flat surfaces where possible.
Also - go to a proper running shop, with your shoes, and check they're okay for you.