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Why not?
I assume your boat has a spinnaker? Could this be some kind of funky hand held twing for playing the sheet? You would need to mount a block on the lanyard and then the sheet through the block. This would allow the foot of the sinnaker to ride higher. Was the PO into racing?
Just stow it, preferably where you found it until it becomes a parent.
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"The cure for anything is salt water~ sweat, tears, or the sea." ~Isak Denesen
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