Smaller Cats require a method of attaching the sail to the top of the mast due mast weight/stiffness concerns. The Stiletto mast is in the stiffness range where this is not a big concern.

From your description your halyard/downhaul does not appear to be working correctly. If you are pulling the sail down with a 5:1 downhaul, the sail should not slide down the mast and it should never stay in that position with a slack downhaul The first thing I would look at is the halyard stretch, then whatever cleats the halyard, then is the main halyard wrapped or crossed with another line allows sail to slide down over time and finally climb the mast hoist the sail, apply downhaul and look at how the halyard runs over the sheave.