Welcome to the forum!
The answer to both of your questions is yes.
The 26S rudder requires a hold-down cable that attaches to the lowest hole on the forward edge. It passes through the bottom of the rudder tube, exiting at the top. A short section of rope is attached to the cable, which is then is secured on the top of the tiller using a cleat, usually a clam cleat. Here is a
direct link to that item at
Blue Water Yachts. Always carry a spare. Bookmark that site. It is by far your best resource for MacGregor parts.
On the tiller, I use a quick-release clam cleat like
this one. Alternatively, you can use a section of rope strong enough to hold the rudder down, but weak enough it will break instead of breaking the cable. I have broken the cable twice (before I installed the quick release clam cleat, that is) with no damage to any attendant parts, but it's far easier to replace the rope than the cable. Easier still to reset the quick release clam cleat.
The cable will wear out over time. I get about two years out of mine, but I do sail a lot.
The smaller hole near the aft edge is where your haul-up rope connects. I run mine to a cam cleat at the transom. There is another hole that accommodates a bolt to hold the rudder up during trailering. I prefer just to use the haul-up rope.
I'll see if I can get down to the marina today to get some pics.
Also, while this is a great forum, there is one devoted exclusively to MacGregor boats at
MacGregorSailors.com - Index page.
Congratulations, BTW. The 26S is a great design, sails fast, and is easy and affordable to care for.