Indeed a situation that is best avoided - but very easy to find yourself in.
So first off thanks for posing the question Matthew - I'd wager there has been a few balding heads being scratched out there in Swallow Yachts world.
As Gareth says we probably think 'what would I do in that situation and in my own boat?'.
My comments are not any form of advice, but just what would be running through my head if I were there - if indeed I could gather any constructive thought when spying that Holy Ship bearing down on me...
Just discussion points really.
In a Bayraider, I'd lower the centre board fully down, to give as much grip on the water as possible. Centre the mizzen to depower it. If 'goose winging' the jib, bring it over and use the wind shadow of the main to furl it - difficult to 'reef' the jib on a BR, so to be safe I'd put it away completely.
Scandalise the main by lowering the main halyard and/or raise the topping lift a bit by to depowering it. I'd go for lowering the halyard - one thing less to do when you do reef down properly.
Check the water ballast is still in (!) - going at that speed a leaking bailer - or one not closed properly could empty the tanks very quickly.
If that Holy Ship is really beginning to be dispersed into the wind, and life is getting serious, start the engine - indeed, unless you are a total purist, then do this anyway. If it is not already lowered it's drag will help as well.
Ease the main in, again to depower whilst still running down wind and look for best spot to start the turn between waves - a bit of flat water? But as you start to turn across the wind, be prepared to spill, crew weight at windward of course - At this point I'm thinking that the speed of the boat with the weight of ballast and still with some power in the main, you can safely-ish bear up into a reach - working the main as necessary to maintain the speed (it wouldn't do at all to stall the boat at this point). Don't forget the mizzen, it will need easing off to depower, but, assuming you are still upright (!), then use the mizzen as you pull the helm in, to 'weather cock' the stern downwind and pushing the bow up into a close reach and into the wind - I see Graham suggests furling away the mizzen - a fair point, but in my experience in a BR in strong wind, it can be extremely useful, especially for steering.
At this point - as I say, unless you're a total purist, I would use the engine to keep the boat into the wind (and waves) - exactly as I do when raising the main in any conditions anyway, the mizzen will be invaluable at this point again.
I wouldn't try and 'heave to' to reef down - if the wind blew the jib off, which it will do, you could be in serious trouble. If you leave it out and even if you could keep it into the wind, it would flog itself to death.
Consider dropping the main completely and sail with just jib and mizzen, or deeply reefing down - depending on course and wind/wave direction I suppose.
I wouldn't really use any kind of drogue, unless running for some distance down wind. The object is to turn up into the wind, and the last thing you want is something holding your stern back as you turn and then, as Gareth says, only use some ropes..
Has anyone rigged and used a preventer in these sorts of conditions?
Repair to the nearest bar as soon as possible for remedial debriefing...
As I say - this is what I would hopefully consider (fat chance of that in real life!) - Not any sort of 'advice' or 'how to', I'm sure others will no doubt have a different way/version - but it is healthy discussion nonetheless.
Cheers