As far as "right" is concerned.. from the Commercial PTS:

D. TASK: AEROTOW - SLACK LINE
REFERENCE: FAA-H-8083-13.
Objective. To determine that the applicant:
1. Exhibits knowledge of the elements related to the causes, hazards, and corrections related to slack line.
2. Recognizes slack line and applies immediate, positive, and smooth corrective action to eliminate slack line in various situations.

A few years back I had this same discussion with a highly respected Master CFI out in colorado, and we came up with at least 7 different methods that people had quotes as the "right" way. IMHO, the answer is that it really does depend on the tow speed, glider (configuration, performance and hook position), and environment. The four methods I have used and teach a

1. USAFA Method - Freeze it, Face it, Fix it. Essentially stop the towplane picture from getting any worse, point your nose directly at the towplane tail hook, and slightly lower the nose to maintain speed while the tow takes up the slack. If performed incorrectly, this can lead to secondary slack lines. Also cannot easily be performed while in a turn.

2. 2-33 or Draggy trainer method - Wait. Just keep flying nice and level behind the tow, and the drag on the ship will naturally catch up. N/A for rotor or moderate to severe turbulence or if unable to follow the tow.

3. Yaw away method - Maintain the same altitude as the tow, and sustain an off-center yaw angle until the slackline starts to come out. As the line becomes taught, reduce the rudder input to allow the nose to be corrected by the towplane. It is certainly the sloppiest way to get the job done, but is effective in cushioning the slackline out.

4. Drag Devices - Tactical use of spoilers in egregious slacklines can be very effective in turning a glass ship into the situation of #2. Again, however, over-use of the spoilers can cause too high of a speed differential and cause secondary slack lines or break the rope. If i use this method, it is generally in order to more effectively set up one of the other methods. With flapped ships, adding positive flap can help increase drag to serve this purpose, but can complicate your altitude alignment due to the additional lift.

For what it's worth.
Chris