Hi Mathew P,
I tried the "sailing without the centerboard down" this weekend. The BayRaider can be sailed with the centerboard up, it is a beast. But does respond to the rudder. You will find yourself completing a jibe (US) or gybe (Britain) rather than tacks. (At least I did!).
Not a preferred way to sail as the boat may be a little more unstable. I was in 10 mph winds with full sail and did not feel in danger of a capsize. But, I think it is probably OK in an emergency to get you back to port when the weather is not too bad.
Do you think the centerboard would float if it came out? There would be a lot of drag with it in the water. If it floated, you could just bring it on board?
I hope that the center board dropping out does not happen!
(Of course, starting up the motor is always an option. Albeit, an unsatisfactory one).
Sailing without a rudder will take more practice for me. Still not able to sail where I want to go.