This is a good solution for a barn door rudder or a skeg hung. A little less insurance for a spade but might work. Many of the old boats I see have a hole or a eye of some kind that is just below the waterline for a rope. Nice and simple and it would work. All kinds of things can happen to the shaft, steering linkage etc. but it would be unusual for the shoe on the bottom and gudgeons mid way(I have both) to fail.