I did almost the same as John with a bit of an upgrade. For the mast itself, I use the 1.5 inch conduit and held it in place with the conduit brackets agains the vertical wall of my bow storage compartment. The conduit easily slides into and out of the two brackets and the change is not noticable to my boat.
On the conduit I added a big john planer board reel that I got for $25 on Craigslist. At the top of the "mast" I added an I-bolt that connects with a caribiner to a spring connected to a pulley I got at home depoy (I need a better pulley...something at least 1/4 inch deep and narrow so that line stays in better. This cheap setup was mostly from parts I had laying around and I spent less than $10 not counting the reel. I hope to add a second reel as I see deal pop up on this board or Craigs list.