Hey Puggy was this inspired by my reply in the 'scariest moments' thread? If so I'm touched

I have never gone for the sinking the mast tip thing as it takes too long to get it out again when there is a gap in between sets... if you don't get going quick quick you might cop another set of 5 or so monsters! I do point the mast tip out to sea to minimise chances of damage but my technique is basically:
Point mast tip out to sea but slightly upwind so you may almost remain in a waterstart pozzie after the wave passes.
Grab rear foot strap.... this is for two reasons (1) easiest thing to hold on to (2) if you get sucked up a big hollow face and dropped you don't want to be impaled on your fin. Bashing a mast is one thing but fin thru your throat is nasty I guess

. All you have to do if things get bad is extend your arm, let go of mast with other arm, and you know the sharpest thing is 1m away and not getting any closer in a hurry.
Keep tail of board towards wave, so if it is not going to be hell big and nasty (most of the time it is already white water heading towards you).. you can hold boom near the mast, and board with rear footstrap..... mast is kinda lying along board... maybe a 15deg angle between them.... mast tip and tail of board both pointing out to sea.
Thus, as you are dragged you will probably maintain the mast out to sea and nose of board towards beach and be close (ish) to a water start pozzie after it is all over.
Advantage also is that if the UJ breaks you have a board in your hand!!!! not a mast tip that is useless for floatation!
If you only hold the mast tip and sink it, the board will end up facing any which way, and you'll have to work the sail up out of the water from the tip down.... by which time another wave is coming.
I think you only ever need to sink the mast tip and hold onto it (tip) only when it is hell big and the wave will DUMP on your sail. If the wave breaks 10m before it gets to you, or is mushy, mast hi is no probs with my technique I think. It is not Jaws and we gon't need to duck dive 3m under water to avoid dying.