There have been various discussions about this over the years. Many report that they are able to do it successfully for as long as they desire. Here's how:
I restored a different boat that was in the condition you describe but also had colored fiberglass decks which had oxidized. I used Meguiar's Mirror Glaze #44 Color Restorer, followed by #45 polish. It was a lot of work but the results were impressive.
Yes, please post a picture. I'm not sure I understand the setup.
The bracket is designed to sit inside the top of the mast. I assume your straps put it above the mast? If so, what keeps it from wiggling around?