You can build a "tapered" halyard... dyneema core with a polyester cover over the working part... for about $1.10/ft. Full length 3/16" amsteel core, the back half covered with 5/16 Samson LS. You use the polyester core of the LS as a messenger to fish the amsteel into the cover. Follow the instructions on Samson website to complete a "bury" or "taper" splice.... where the cover is buried into the core. Finish the shackle end off with a long loop "luggage tag" eye splice that will allow for easy removal of the shackle. What you end up is a super strong, no stretch halyard for more than half the price of stripping the cover of Hi teck doubles like Samson Warpspeed. The resultant halyard will have more that double the strength of a 3/8" all polyester, like sta set.
an alternative to the toggle, is using the tag end of line itself as the toggle...Joe, I will certainly do this for the little boat when I finally restore and re-rig it. That would work ideally. Thanks for the walk through.
I'm also considering using a toggle to attach the halyard to the headboard, instead of a shackle. It looks like it would be fun to play with: http://l-36.com/halyard_toggle.php