The baby stay can be a relatively brutal way to induce mast bend, as you say, or else is there to limit pumping of the mast in a seaway while beating in some chop/waves.
As for stowing it, is it too long to clip to the shroud base somewhere? IIRC the P 10M is more or less a flush deck which means the babystay is generally longer than those that terminate on a cabintop.
Another possiblity (unless it's rod) might be to put a hook on the base of the mast and take a turn around it and clip the babystay to something further up the mast... Yet another would be to shorten it (the wire portion) somewhat and put a longer tackle on it that could be shortened up to stow it.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)