Yup.  That's definitely what I was missing.  A hinged mast with a sleeving tube, eh?
Suddenly the world makes a bit more sense.
If I went that route, I'm guessing that it would be something like:
1) Order a mast the same length as if were a normal keel stepped mast.
2) Cut the mast above the deck at about 10% of LOD.  Fabricate an internal hinge.
3) Source another section of mast with an ID = the mast's OD.
4) Sleeve this over the mast, fair the top somehow, and secure.
The numbers would look something like:
  
    
      |  | ft | 
    
      | Mast total length from step | 50.0 | 
    
      | Mast length above deck (LOD) | 44.0 | 
    
      | 10% of LOD (hinge height) | 4.4 | 
    
      | Mast Length above hinge | 39.6 | 
    
      | Sleeve extension above hinge | 4.0 | 
    
      | Sleeve length | 8.4 | 
    
      | Sleeve as % of LOD | 19% | 
  
It's about 120 lbs of added weight with COG 4 feet above the deck, not including the hinge materials. I wouldn't have to pay somebody to design it - I can do that myself. Sourcing the sleeve might be straight forward.  The mast is tube (OD = 10"), the sleeve can be 10" Schedule 40 pipe.  Pipe ID = 10"   My mast is the max most places provide (10" OD).  I think most pipe comes in 6061-T6, so that's way more than strong enough.
I'm guessing the sleeve would cost maybe $1000 USD.  Figure another $1000 for the weld work fitting the mast hinge.
Doable. 
What d'yall think?