[paulk]

As Jeff suggests, it may look unsightly, but there are safety (and hassle) issues with moving lifeline attachment points. Adding a pennant will also raise the center of effort of the sail, perhaps making you heel more, and more readily. You may want to put up with a little chafe (tape the stanchions) rather than more heel and the added expense of a pennant. Your rigger or sailmaker may disagree, but then, they''re selling you the pennant. Of course, on a boat, everything is a compromise...