-- Last Updated: Jun-19-13 6:02 PM EST --
... putting the canoe upside-down with the gunwales on something solid is the standard method. The idea is that the gunwales are stronger than the hull when it comes to applying load to a small area for extended time. I'd worry about that with plastic and maybe with Royalex, but I'm thinking it won't really matter with any composite boat - I don't think they get permanently deformed by mild stress. A solid surface that the gunwales rest on won't "pinch" the boat like a strap will, but again, I don't think Kevlar will deform over the years so that may make no difference either.
Here's one version of my normal canoe-hanging method. The only difference between the hanging system in the pictures and the ones I normally make is that on the normal setup, the winch works with a single lifting line, and that line splits into the two lines which lift the boat (with the version in the photos, both lifting lines wind onto the winch spool). There's some explanation included with the photos.
By the way, those temporary "sawhorse legs" that attach to the rack and support it after it's lowered down from the ceiling are nice but not at all necessary. I used to lower it down so that each cross piece rested on a 5-gallon bucket. A pair of milk crates or flat-top trash cans would be even better.
Reflective Hull Decals
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