You guys crack me up! The reg says "thou shall not collide" It is not a genitalia measuring event! There is absolutely nothing wrong with altering your course in a "distinct and noticeable fashion" to avoid a collision even if you have the right of way. Done early enough you don't really have to alter course more than a few degrees to make all the problems go away. Both boats will notice that they are no longer on collision courses and no further action needs to be taken by anybody. Remember this is not racing, it is sailing; slow, calm, relaxing, non-confrontational, ...... the sailtime rule would dictate that you don't wait till the very last minute because "you have the right of way", don't be that "ugly sailor" (or power boater for that matter).
On a related subject; does any body know how you tell (from any distance) wither you are or are not on a collision course? Also related; if on a crossing course how do you tell if the approaching boat will pass ahead or behind your boat so you can plan an evasive action turn should that be needed?