For most of last summer I had my backstay absolutely loose unless it was on (when we get over 15 degrees of heel). Didn't have any problem with this.
Also of note, several of the frac rigged J29's run Tech 12 backstays. They set them up threaded to a batton on the top of th mast sticking about 18" straight aft to keep them out of the way of the roach of the main. Until they put backstay on they have absolutely no backstay tension on the mast with this set-up. These are identical rigs as ours. An important side to this...they use running backstays attached at the hight of the headstay.
Have you considered running backs? I'm thinking about it. Frac J29's take a 3 second penalty for using them when racing one design. Could they really be worth 3 secs?