Looks like the O'day 22 was available as a fractional rig first, then a masthead rig the following year. I'm assuming you have the fractional rig. On my fractional rig 192, it true that if you have the backstay on the tighter side, the mast tip above the hounds (where upper shrouds and forestay attach to mast) will appear to have a noticeable kink to the aft. My sailmaker said that this rig should have about 1/2" to 3/4" of mast pre-bend (curve to forward.) This is typically set by upper shroud and forestay tension, as the spreaders are swept, and thus induce pre-bend. I found on mine, when I had the rig waaaay tightened, that the lowers can pull the pre-bend out of the mast. That's not too good a thing, as pre-bend is useful to stiffen the mast, prevent mast inversions, prevent "pumping," and also the main should be cut expecting a bit of pre-bend, otherwise it would have too much draft if set on a straight mast. Contrary to what some people do, I set the mast straight laterally, using main halyard to check that it is even side to side measuring down to the chainplates. Then I use the lowers to make sure the mast is in column, not bowing to one side or the other. The backstay I set to moderate tightness - not that it seems floppy, but not that it puts a very noticeable aft kink in the mast tip. (Someday adding a purchase to the 18" strop under the mainsheet triangle would be great for increasing backstay tension to de-power. And maybe even figuring how the heck I would make a traveler.) Then I go sail in 8-10 knots, close hauled, and check that my tiller has 3-6º of weather helm. If not, I adjust forestay and lowers until I feel I have the rake set appropriately for that amount of weather helm. First time, I thought I had the boat balanced so well, it turns out I had lee helm with a bit more wind! So I had to back off forestay a couple turns, then take up the uppers. As for the lowers, keeping an eye to the amount of pre-bend (estimated by pulling the main halyard down along the mast approximately aft of the base as much as the exit point from the sheave at the mast head, and guess at the amount of pre-bend midway up or so. Then, I make sure sailing in about 10 knots, that the leeward lower seems looser, but not remarkably moving around.
I have read other tuning procedures, which all basically say to take the standing rigging to 10% of breaking strength. In my opinion, these older recreational boats (eg. not racing boats) don't tolerate that much rig tension well. Maybe when then were new, but surely not 30 years later. In fact, the owner's manual for the 192 says to tighten the rig hand tight, whatever the hell that means. Doesn't sound like 10% of breaking strength of wire in standing rigging to me. My old Loos gauge, though often considered not very accurate, bears out my tension opinions...