The frenchies haven't figured out that industrial bearings don't do to well in a salt water enviroment. Plus, when they do die, have fun trying to replace them. I've done several, and they are ALWAYS a MAJOR pain in the ass. Seriously folks, these are the days of torlon. No grease, just a nice soapy bath on occasion.
to address your dilemma, I agree, definately look up. It sounds like you're getting a halyard wrap. Is your headsail full hoist? If not, do you have a pennant on it to get the swivel up to the top? And last but not least, have you checked the bearings in the swivel? Even with Profurl being a stiff system from the get-go, you should be able to furl by hand.
Cheers,