anybody advise if hanging an old anode over the side on a steel wire attached to the sail drive. Would this help? I note a few fibre glass boats at our marina have this. I know its common for metal boats.
Yes, that can be effective but you need to ensure that it is attached to the gearbox/saildrive after the connection to the engine as the engine is electrically isolated from the transmission. Not easy to arrange on a temporary basis, but some people have made a permanent installation with a wire to a through deck fitting that allows the hanging anode to be connected when needed. This can be useful for those who move their boats to and from salt to fresh water so that they use alternate zinc or magnesium as appropriate. Important the hanging anode is positioned alongside where the saildrive is and sufficiently deep so that it is "sight" of the housing.
A temporary set up may be useful in the OPs situation until he can fit an anode.
BTW the material of the hull is irrelevant as a hanging anode is specific to protecting stern gear and is useful if the normal anode erodes quickly and there is no room to fit a larger anode on the shaft or prop. A saildrive is different as the anode is protecting the aluminium housing, not the prop, but the principle of increasing anode capacity by using a properly bonded hanging anode is sound. anode wear on the 120 leg can be rapid, although usually at least a season before replacing. The 130 anode has more than twice the bulk so lasts much longer.