Usually you attach everything, then hoist, and pull the sock up. When your done, you snuff it, then ease the halyard down to the deck and keep it below. In light air you can keep it lashed on deck. Leaving it aloft is a lot of weight and windage.
How you rig it will determine whether you do inside or outside gybes. All depends on when and where you plug in the halyard in relation to the lazy sheet. Inside gybes are hard to do in mod/heavy air on a boat that doesn't have a masthead kite and a sprit. I'd suggest outside gybes. This means that the clew will pass outside of everything, including the luff of the sail, flag out in front of the boat, and then be trimmed in on the other side. The danger is running over the new sheet and then trimming miles of line in on the new side.
Merit 25 # 764 "Audrey"