Hello
@grgortiz and welcome to the SBO Forum.
FYI, I have been doing it for 15+ years. I ran a 7/16 halyard in the mast using the spare sheave next to the main halyard sheave, (both on top and on the bottom of the mast). I made a sling with safety belt material and attached 4 hooks to the 4 arms of the sling. 2 hooks are attached to the dinghy transom (I installed eyelets) and 2 hooks are attached to the D-rings each side of the dinghy bow. For better support I also have a piece of sling going from side to side under the bow so it is not supported just by the D-rings.
I have brought the halyard to the cockpit and use the winch on top of the cabin to hoist the dinghy. Once where I want it, at the same height as the top of the stern railing, I secure the dinghy bow and stern to the railing to prevent port to starboard movement and to prevent lifting. It has been safe under all conditions and I have not had a problem ! And... I'm now smart enough to leave the dinghy drain plug undone when hoisted so that it does not get filled-up with rain water.
As mentioned 15 years since installed, but 20,000 miles in those 15 years, with 2 trips to Labrador, Magdalen Islands, and the Bahamas under all kinds of conditions. Not one problem ! I never have done it, but feel I could probably leave the OB on it as I have tested it by getting into it while at the dock. So far, the only real drawback is the same as davits. I have to lower it out of the way if I want to use the swim ladder. I can swing it to the side of the boat, but it gets tricky because of the bimini.
Take a look at the attached pics. I also have a few videos (filmed on the lower St.Lawrence river, under 42 knots, no main just about 40 sq. feet of jib), but can't seem to upload them.
It has proven safe under every sea conditions that I have met but I will not go so far as recommend it. I am just saying I have never had any problems doing it. Your boat your decision !
Be aware that several years ago it triggered quite a discussion on this site. It may still be in the archives.