Now Sam, lets get this right..
"Here's the scene, I'm heading North on a nice Nor'easter when the weatherfax tells me I'm going to be hit by a very big Southerly Buster..."Point One: You will not be heading north on a nice Nor'easter!
Point Two: By weatherfax I presume you mean the BOM site and you will have been following the weather at least a week out ahead thus you would not be caught by the southerly.
Point Three: You will let that southerly blow by as you will want to go north on the back of it. Probably one to two days after.
Point Four: You will not be out there to deploy your drogue, you will be sitting in a nice anchorage enjoying the great company of your fellow sailors also sheltering from the weather.
Point Five: The most important point,
with a southerly blow you will BE ON A LEE SHORE!! That's not on.
Point Six: All the other advise about deploying a drogue is OK but you would only be doing that during an ocean crossing where you have plenty of sea room.
So, what can you put in the place where you had the drogue stored?