I have my opnion I would like to share.
Given a calm harbor with ample time to perform the jury rigging, I would probably proceed by trying to figure out how to get a ratcheting tow or tie down stap as low as possible around the front of the keel and securely fastened topsides to something solid, i.e. a cleat on both sides. One might find it extremely difficult to do this at first with the keel fully extended. As best I could, and hopefully with a couple of straps, I would try to run the keel up as high as possible with the external strap(s) tied around the boat.
An option would be to find a bottom that you were comfortable with, and bring the boat in, letting the rising bottom swing the keel up to a point where the ratchet straps could be better used to ratchet the keel up as high as possible. My hunch is that one could winch onto a trailer and let the keel roll on the aft keel roller finish the swing of the keel upward. In my opinion, a mossy gravel or sand bottom would suffice for this sort of effort at lifting the keel to a point where some sort of strap could be affixed under the boat and around the keel.
The question was has to ask if presented with this very scenario is how much time do I really have? To my mind, if one has a broken keel cable, it is a result of a load being applied and suddenly let go. Specifically this would be the keel dropping from somewhere between fully retracted to completely extended in this instance, and I wonder what damage will result to the keel trunk in a broken-cable keel freefall?
In this instance, my thinking is that beaching is a safe alternative to a sinking anyway, so given a similar situation, I have to believe I would be heading for a shoreline as near a lauch ramp as is feasible, based on a quick assesment of the keel trunk.
This is but one man's opinion, so there are certainly others who have their thoughts. I will be curious to see what others share so I too can be better prepared in the, (hopefully) unlikely event I break a cable...
Keel cable and standing rigging fall under tha category of "I don't want to ever find out" in the event of a failure. Early replacement is the best policy.
While I am typing, did you by chance check your turning ball? Your volcano tube? Your ruber keel cable hose? Given the time, the relatively minor cost, and the super easy replacement, I personally would consider replacing all of these if I see any wear. The wear on the cable might be caused by a worn-out turning ball...
See my post below and the pic of the worn-out rubber hose....
http://forums.catalina.sailboatowners.com/showthread.php?t=106317