cockpit traveler
My '76 E23 has essentially the the setup Seth describes. The boat was equipped that way when I bought it, but I changed the track and traveler to Harken units. I strongly recommend the windward sheeting car - it is pricey, but once you have used it a while, you will agree it is money well spent, especially if you are finicky about mainsail trim. This allows me to sit in the cockpit with one hand on the tiller and the other on the traveler line, and to set the lower tell-tales and adjust the helm pressure easily with the other line (3 to 1, with track mounted turning blocks like Seth describes). With a single bail mounted midway on the boom there is a lot of strain - I know, because I broke a boom last year at that point. Luckily I was given another boom, identical to my old one, but the bail attachment is about 14" farther aft. This works real well, as it is much closer to the clew slug, where all the stress is located, and has the added benefit of creating more space in front of the mainsheet when sailing, which is a big help when racing. The sheet angles back from the traveler instead of running straight up and down when close hauled. If you are interested in performance and safety, having the traveler track near the companionway is a small inconvenience - we hardly notice it any more. But you do want to be careful not to step inadvertantly in the gap between the track and the bridgedeck - it would be a bad place to have your leg with your body weight going the other direction.