I have had several sail boats with tabernacled masts: Most were pivoted at the deck level, and were a simple hinge on the deck stepped mast and used the boom as a level arm. The 65 foot mast was on an ocean racing boat, so we had to have both a very sturdy locked system when the mast was up, but easy enough for one man to take the mast down when going in and out of the harbor. It involved pivoting the mast 7 feet above the deck with a 3" diameter pivot pin. The stub of the mast, was braced with an "A frame" aft (braced by a structure under the deck), and a 12,000 lb capacity Holmes tow truck winch with 3/8" cable on the cabin house in a teak box, provided the force to take the mast up and down, thru the fulcrum arm of the lower 7 feet of the mast off the cabin top. (There was a box section consisting of the front of the mast, which fit into the stub, and locked with another 2" SS pin driven into the base of the mast at deck level. There was a hydraulic pump to tension the back stay (and forestay--which was released, as well as the forward lowers, and there was a pivot point at the 7' level on the upper shrouds. )
Yes, Tom, there were prayers the first time we used the system (at the dock), and as Charlie pointed out that the boat had to be in calm water. The boat also had to be aligned with the wind fort and aft. When the mast was down, the boom rested on a crutch on the cabin top, and the mast on a crutch which fitted into a socket on the transom.
The whole procedure up or down, took about 3 minutes, and was done with the boat underway. It was done hundreds of times with no failures.
I am sure that the water ballast bags are far cheaper than the extensive modifications we made to the mast and boat.....and work find for an occasional trip under a bridge.