I would think with 40 foot waves I would prefer to sail a few degrees off of the wind with a small amount of sail. With the wind so strong and the waves so large you would run the risk of getting caught beam to the waves and rolled if you heave-to.
Twenty years from now you will be more disappointed by the things y%^&*.....oh never mind. 90% of the people on sailing forums already use that as their signature! I'm not a conformist.