I drilled a 3/8" hole near the top back portion of the rudder blade, gelcoated the inside of the hole and rounded the shoulders a bit so that they would not chafe the line, tied a 1/4" line with a bowline through the hole and ran the line up the aftside of the rudder head, through a tube cleat, and tied a barrel knot (long stopper knot) at the terminal end. You can see a picture of my set up at this site:
http://groups.msn.com/RogerConrad/shoeb ... hotoID=127
Since then, I drilled another 3/8" hole on the forward side of the rudder blade and ran a bungee cord through it along the sides of the rudder head to the top. This spring loads the rudder blade so that when down, it can still kick up if you hit something, but will be pulled back down right away by the bungee. When the rudder blade is cleated up, there is just slight tension on the blade so that when the cleat is released, down goes the blade. Now I no longer have to reach over the transom to manage the blade.
The whole thing was a cheap fix, as the only thing I had to pay for was the tube cleat.