We've had more than a few discussions about the "red-over-green sailing machine" light configuration. Most recently a week or two ago:
Identification Lights & Nav Lights on Sailing Vessels
As I mentioned in that thread, I have seen them implemented with pairs of 180 degree lights on each side of the mast. It is fairly straightforward.
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Pacific Seacraft Crealock 31 #62
NEVER CALLS CRUISINGDAD BACK....CAN"T TAKE THE ACCENT