Usual way of doing it with a Y-type split is to insulate ONE of the sides of the Y, just below the split. This is the portion to be left out of the antenna system.
Then, jumper the other one to the longer portion if necessary (many times it's not, since they are electrically connected anyway with the Y-fitting), and put ONE insulator up a couple of feet from the top of the mast.
Feed the split backstay from belowdecks, and you have it. You can put some nylon or PVC covering over the lower split if you want.
Also, of course, you need a good RF ground. Simplest is a copper strap to the nearest
bronze thru-hull.
Bill