This subject comes up every few years on RAS and that's a very good thing. Long ago there was a death on tow with a heavily watered ship that I'm pretty sure was caused by this.

I have already posted a couple times in the past about my own near death experiences I have had dangling from a slow towplane at a remarkably low stalled tow position while slamming the stick back and forth against the stops in Ventus 1 and in ASW27. When this is happening at a very low altitude (as it was), then releasing is not an option.

Several have pointed up the necessity of communicating with the tow pilot. I think it preferable to communicate in writing. Except at contests, I always make sure that the tow pilot has been handed my written towing instruction when I have water ballast. Here's a link to my little towing instruction sheet: https://goo.gl/PwVu71