re the bridle,
we typically used a dock line w/ chafing gear attached. Then one end of the dockline/bridle was fixed to a cleat, a winch/cleat combo, or to the mast. Tie a bowline in the towline and pass the free end of the bridle through the bowline and attach it to another cleat or winch/cleat combo. The towline moves freely (to some extent) along the bridle. To drop the tow, throttle back to untension everything, then uncleat one end of the bridle and let it go. But in an emergency, the tow can still be dropped safely at either end.
As a side note, part of our pre-tow discussion was which way each vessel would turn when the tow was dropped. (e.g.- tower to stbd, towed to port) Just an extra measure of keeping clear.