Rake
For sure you need to get that mast straight in the boat or slightly raked (as opposed to bent) aft.
A note of clarification on some earlier comments:
"Lee helm is often caused by too much sag in the fore stay, either because the mast is leaning too far forward, or the fore stay is too loose. On my 87 E-34 the mast head is supposed to be 5" behind the mast base at the deck. In order to find out if your mast is in column take your main haliard and add weight to the shackle and allow it to hang just off the deck, it should fall behind the mast, how far would be specific to your boat. Also check and see that it is not leaning to one side or the other. Your best bet is to loosen all your rigging and re-tune it to specs. Over tightening the Rig only puts more stress on the mast base. If you have any more questions please let me know."
Actually this is not the case, for several reasons:
Lee helm is almost entirely caused by having the CE of the sailplan fwd of the CG of the boat.. This can be caused by 2 primary things: Amount and direction of mast rake, and having on one sail (headsail in this case) flying-but as was said before there are many variables....
If the mast is not raked fwd, and you have a 150 up, there is still a fair amount of sail AFT of the CG, but if the rig is way fwd, this may not be the case, and you could have lee helm. With the mast in the right spot, and only a 100% or less headsail flying, you will certainly have some lee helm.
BUT-consider the things which can counteract lee helm: Heel-the more heel you have, the more weather helm you have. This is why the boat may have lee helm with just a small jib up in light air and flat water, but add 15 knots or more of breeze and some heel, and you may find the boat very well balanced.
Having weight forward of the keel will create some weather helm, and weight aft will do the opposite....
But I digress.
In light air, when a boat is starved for power and is not up to speed, we ADD sag to the headstay for several purposes: Easing the headstay, especially with a mainsail up, allows the rig to rake AFT, which will add a little weather helm (or at least counteract lee helm) and help the boat point higher. Also, a looser headstay adds power to the headsail (rounder entry), which in low speed conditions helps with speed AND pointing. A tight headstay (in light air) starves the headsail for power and REDUCES pointing and weather helm.
So, get the rig straight in the boat (or slightly aft), and try this again (but make sure the genoa cars are in the right spot-if they are too far fwd. the leech will be closed down, and air cannot "depart" the trailing edge of the sail, meaning it is not creating lift). My guess is that in under 5 knots of air you will have slight lee helm, but if you allow the speed to build up to 2 knots or so, you should have no trouble tacking. As the breeze comes up the boat will become more and more balanced.
Finally to put a point on this, consider when we were learning to sail, and the exercise was the steer without the rudder..With main and jib set you can adjust course with the sails. Ease the main and trim the jib harder and you will bear away, ease the jib and trim the main and you will head up..What you are doing is moving the CE of the sailplan fwd and aft of the CG in the keel (a pivot point)...
Nuff said?
S