The alternatives all work but they have their own issues. The teflon chip is still the best solution because it has less friction and does not cause any wear to the mast cup or mast base. The key is to update your mast cup to match that of the new Chip Keeper version to which mmiller referred.
The Chip Keeper is incredibly simple to duplicate. All you need is a Dremel type tool and a small square end metal cutting bit (like a tiny end mill). Take a look at the image I created. You cut 4 or 5 half-moon plunges into the lower portions of the mast cup. That's all it takes because you only need to create some indentions so that there will be more friction between the mast cup and the chip than between the chip and the mast base.
Updating my 2001 boat took only 10 minutes last summer. I've had no chips blow out since the mod.