The best place to get original stanchions is from Garhauer Marine in Upland, CA. Order tapered tip stanchions 30″” long, 1″ dia with 12.5″ between the lifelines. Cost is $40 plus $15 shipping.
I used a bungee for a number of years, but they would always deteriorate in the UV. Now I use a small line attached to the bow pulpit and put a cleat hitch on the horns and around the tack.
I use Pettit Trinidad SR. One gallon will give me two coats. There are two of us that roll it on. One person is loading the roller, and other is rolling it on. We have tropical waters in Hawaii, and I can get two years out of the paint.
What I did was seal the bottom of the stanchiosn with a 1-2″ plug of epoxy. It’s worked great with no rust stains. i also inserted a piece of 1/2″ steel pipe inside the stanchion to strengthen it.