there are numerous very informative books
"extreme weather or extreme conditions sailing"
and to save you reading them all ........
(but they do make very informative - if rather nerve-racking reading)
I think it would be fair to say that a VERY BRIEF
or consensus of the opinions
of the authors and seamen asked would be that
each and every situation needs to be assessed on its individual merits
and skippers who have been in "Survival condition" storms or situations
virtually all said that "they found or arrived at the right tactic by trial and error"
or by "experience in similar situations in the same boat"
in other words they tried or experimented with numerous sail settings,
ie running in front of, or away from the storm,
drogues & parachute anchors etc
until they found the the one that best suited the particular situation and the boat...
Incidentially if you do intend to deploy a parachute anchor or drogue
I really recommend that you practice under reasonable conditions a few times.
they can be awkward to deploy and recover especially in bad weather,
and a rope
around your props is the last thing you need
a method I have used very successfully on a few occassions
(on a monhull) is using a long heavy sinking line (anchor rode
is good) in a loop,
(either on its own or with an additional drag in the loop - this can be anything - see above by Mesquaukee
) both ends of the loop return back on the boat,
that way you can control the amount of drag or resistance
by adjusting the length you have deployed
by belaying to a strong point and a robust winch
It is important to still be able to control the boat speed
and get the boat to lie comfortably to the wind
of course prevention is better than cure
so a good weather watch should help you avoid most such situations
fair winds out there