Bear away, sheet in, hang on!
Just holding the uphaul doesn't really let you sail. Try having your front hand right next to the mast, and your back hand only about 30cm behind it. This will allow you to let the sail out as far as you like, but you are still sailing and can steer in the normal manner. You may find you need to put your front foot closer to the mast, which can be uncomfortable since you probably still want your back foot in the rear strap if it's a big wind, but at least it gets you home. I've had to do this a couple of times sailing in 50+ knots with a 4.7, and the amazing thing was that you could remain planing on a beam reach with the sail only sheeted in about 5 degrees from square.