From what I've read...
From what I have read, if a lightening protection system is to be of any value, a large metal dissipation plate would have to be fixed to the bottom of the hull. All shrouds and the mast would have to be equipped with cable of sufficient size to conduct a very large amount of current to the dissipation plate. If you connect to a dissipation point in the hull (i.e. keel bolts, rudder post) that is not sufficient to pass the charge, you can blow a hole in the bottom of the boat. There are those that say that installing a lightening system can, in fact, attract lightening. All say that a cable over the side in of virtually no use at all. Do a search on the web using Yahoo on lightening AND sailboats, and you will get a substatial number of hits that should prove to be informative.