We've had this problem since we bought our new girl. Ye verily tis a pain in the butt to deal with. Or at least it was until the wonderful SailNutter Jon Eisberg (joneisberg) posted this pic in another thread.
We've now done the same thing. Keeps the stay tucked up out of way and at a suitable tension so the damn thing doesn't perform the boom crash opera when the stay is to leeward.
So it means quite simply that when playing around in sheltered waters where constant tacking is to be expected its out of the way but a simple task to reinstall if we are heading out on passage . Single day passages we leave as is, we'd only refit the thing if heading offshore or on a long coastal.