hull at the right height for lining is OK.
If you're dealing with a very light hull, a composite hull, I don't think the Tugeye route is safe, whether just drilling, or installing a threaded spacer.
What Kaz of Millbrook does is to attach a strap to the hull, without drilling. This requires some experience or common sense about how to fray the ends of a strap and then use epoxy (G-flex suggested) to attach the strap ends. Kaz sometimes puts the attachment just below the gunwale, not ideal for lining, but to take advantage of the gunwale stiffening the thin, flexible layup.
This method can also be used on Royalex. Use a sharp, low angle chisel to skim the vinyl off the ABS where the strap will be attached. Then G-flex the strap ends to the ABS. Maybe it could pull off, but if it does, that may be better. You don't want to destroy a hull in a desperate extraction attempt.
Full Size Sail Rig
URCHIN Portable Anchor
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