I know this isn't an original idea just a standard airplane on its side.

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My thinking is to put a hinge at the base of the mast and a hinge in the middle of the mast (with a bearing) so that the the wing can be brought down and folded in two pieces when not in use, basically making it a two section wing.

The advantages of the wing are that it is always in perfect trim, no sails, no lines, set it and steer basically. To reef just reduce the angle of attack. There should be a lot less heel force on the wing compared to a sail.

About the only downside, other than actually construction details : ) and cost? are the limited surface area so down wind sailing will be poor.  If the boat is fast though just bear off.

I think it has to be foldable, but as long as it turns easily on its bearings it may not......

Talador