Carrying the sail is easy enough. Here's one way... http://www.hobiecat.com/community/viewtopic.php?t=8921
The front loop is the most important. You don't really need the back bungee if you don't want to convert it; you can just lay the sail on the deck next to you. With practice (and your mainsheet pre-rigged) you can easily set up and take down the sail while underway.
Hiking out comes with practice. When the wind kicks up, one thing that helps is to plant your feet in the "scallops" on the sides of the cockpit -- that helps keep you in position. I tend to plant both feet, but the lee or downwind side is the more important (left side in this picture):
After awhile you can really hang over the side. If the rudder is properly set up you can leave it untended for up to half a minute (since it can be out of reach).
Even though you can only slide your butt across the seat an inch or two, the weight shift really helps as well.
A nice breeze does make for an exciting sail -- If you'd rather relax and not have to pay such close attention, you might try the Sidekick. With it, you can just about cleat the sail off and forget it.