Never done it myself, but thinking it through it should be ok, if a little unweidy, for the short term - couple of days/week.
If the sail was wet you might increase the chance of corrosion issues under the luff sleeve. The length of the mast in one piece might be a concern and you might want a long sail cover to stop superficial creature damage.
I just do it between Saturday and Sunday on regatta weekends. It's a quick way of packing up on the Saturday after the racing, that's all. I would never do it for more than an overnight. I would never leave my sail wrapped around the mast at the club for a week, for instance. And yea, I have a sock I pull over the exposed top that sticks out from under the boat cover. But I keep reading that it shouldn't be done at all.
I just do it between Saturday and Sunday on regatta weekends. It's a quick way of packing up on the Saturday after the racing, that's all. I would never do it for more than an overnight. I would never leave my sail wrapped around the mast at the club for a week, for instance. And yea, I have a sock I pull over the exposed top that sticks out from under the boat cover. But I keep reading that it shouldn't be done at all.
I do the exact same thing you do and most of the top guys in our district do the same thing on Saturday evenings. I have not heard this is a bad thing to do.