My 1986 O'Day 222 came with a mast winch and I can only partially agree with you about the need for one and how you use it. I operate my mast winch without the handle in the same way that I operate my Gennie winches on my combings and that is, without the winch handle.
I just use it like a capstan. It really depends on how your halyards are set up. My Z-Spar internal halyard mast has two open clam cleats above the mast winch and when I run the Mainsail up, I take one wrap around the winch and wind two more around the drum and pull the halyard up tight. The clam cleat holds the halyard tension and allows me to pull the wraps right straight off the drum so that I can cleat it off on the Main Halyard horn cleat. You can't imagine how fast this operation can be unless you've really worked with it and it's equally fast when reefing the sail. You can develop a lot of tension on that halyard by standing in front of your mast and pulling that halyard with three wraps on the drum, but you need to have a clam cleat to hold what you've got in order to pull the wraps off the drum and cleat it off.
I also have clam cleats mounted on my combings directly behind my Gennie winches and I haven't found anything yet to compete with that set up. A few of my friends have also adopted this set up which I learned about in "Small Boat Journal" magazine years ago.
Oh, and by the way, there's one other thing I might add to this discussion about mast winches; If the winch is mounted just above the sail track slot, you can use it for a sail stop by lashing a thin diameter short line to it. I used a thin twine to hold a 3/16"X 16" braid line to the winch bracket and secure my sail slugs with a slipped reef knot.
Maybe the proper question would be, "do you need the winch handle?" and I can only speak for myself on that one. All I can say is, I'll probably never lose my winch handle because it's been sitting in the cabin shelf behind the back rest gathering dust for years.