Hi Gene,
...originally went with it to be able to tension the luff for a Code O, but quickly found that it covers a lot of other bases, especially lifting the dinghy, makes it a snap to hoist it clear of the water overnight, etc...
Agree that all your halyards and topping lift should be long enough to reach the water... Better yet, have a 5 or 6:1 multi-purchase block and tackle with snap shackles at each end always at the ready for a MOB or any other emergency situation...
best regards,
Jon