Hi all
This is a common question. My take on it is this.
1) The caps perform 3 basic functions
a) To prebend the top mast
b) To inhibit side layoff of the mast tip
c) To prevent mast inversion.
2) The 49er layout does a) and b), but not c). This is one of the reasons for the 49er mast breakages.
3) The Vallings layout is a better engineering solution. You have D1 to the gooseneck, D2s to the lower spreader shrouds and caps which run from the base of the mast (or gooseneck), around the ends of both sets of spreaders to the mast tip.
Here, the caps predbend the tip and inhibit side bend, until the cunnigham load overbends the prebend. The caps around the lower spreaders try to push the mast forward, but this is constrained by the D2s. The mast is effectively locked solid at the location of the lower spreader set and the thrust from the caps prevents inversion.
The net result of this set up is that the buckling load limit for the mast is increased because it is fully supported at gooseneck level, lower spreader level and at the hounds. This means you can use a lighter section or more rig load. The mast will never invert. The mast is really simple to set up. Just make the section below the hounds straight and add about 5% prebend in the tip.
4) As an example of the above, we were sailing the SK4 with Dylan Fletcher's 49er. We both had to flap the kites to get around an obstacle (a keelboat). The 49er mast flexed horribly and flapped around. The SK4 mast, hardly moved.
Most importantly of all is that the mainsail matches the mast. Fyfe sails match Vallings rigs. Standard Hydes, for example, have more low down luff round and less upper round, so do not suit this type of mast. With this style of sail, more low down bend may be required, so the 49er style rigging may be better. So how you stay your mast will depend upon the mast type you have and the sails you have.
Hope this is of some use.