This is the 1st i've heard of this. We use to have problems with older H16's like this. W/o seeing a picture i can't tell you for sure if you need to get a new halyard or not, then its only a educated guess. As with most wire rigging if it's in suspect replace it!
i would inspect your mast head and make sure the sheaves are not all messed up. With the older H16's it was important to pull the sail up while standing directly in front of the mast, if there was any sidewards pressure they halyard would jump off.