Jeremy, my interest is precisely what you describe - an unstayed rig (junk rig actually) and looking for lightness benefits. My new mast is aluminium. It is jointed about 15 ins above the deck (partners), with the joint angled so that it sits down and then doesn't rotate: there is a longish internal sleeve in the upper part which slides down into the lower part (the 'stump').
The upper part is 12 ft long plus the sleeve, and weighs about 20 lb. That's a bit, but not a lot, heavier than the previous mast + topmast (gunter gaff). However the weight issue is that, to slot the upper mast into the stump, I have to balance it vertically, lift it to nearly shoulder height, and extend my arms almost straight to drop the sleeve into the lower part - maintaining the 12 ft spar in vertical balance the whole time. It's not as easy as it sounds, and although I'm getting better at it, it feels like an accident waiting to happen, to the potential detriment of me, my boat, neighbouring craft and passers by! Also, I have to face the fact that I'm 70+ and not likely to get stronger as the years go by. Hence my interest in a carbon fibre mast, which would make the whole business relatively easy (am I right that we are talking here about a weight of less than 7-8 lb?).
I have made a removable internal wooden hinge between the two parts of the mast. The hinge itself works beautifully but, for (mechanical and ergonomic) reasons it would take too long to describe, the physical effort required to get the mast up is even greater than my vertical caber balancing act, which seems to be inescapable. If I was 8 ft tall a different approach would be a doddle.
Incidentally, the 'stump' is essential for trailer/sailing with junk rig, because nearly all the running lines (parrels) remain rigged round the stump when the sail is furled, ready for setting the sail next time. It works a treat. So I need a similar joint arrangement in any replacement mast.
The biggest practical obstacles to a DIY approach using carbon fibre are 1) getting CF tube of the right size, knowing that it's strong enough (my sail area is 68 sq ft - not exactly huge), and being able to afford it; 2) finding a second tube of exactly the right size to make a sleeve (I wouldn't have access to any machining facilities). I've approached Carbon Fibre Tubes Ltd (Hayling Island), but they don't deal with Joe Public (they do have two standard tube sizes which I think would fit the bill). Does anyone have any ideas on this? I suspect that Swallowboats may be customers of CFT, and I hope to pick Matt's brains on this during the rally at Teifi on June 19 - 20. I could try a 2nd hand windsurfing mast, but the sleeving problem remains.
Incidentally, aside from this mast-stepping issue, the switch to junk rig has been a complete success, and I'm chuffed to bits with it.