Rightly or, okay, maybe wrongly, the repetitions of "As he" and "Settled" were indeed intentional. Maybe you would've found it easier if I'd used a semi-colon?
Low waves rolled under Grey Willow as Gary Dane traced a finger along her gnarled gunwale; as he stepped forward and yanked the lever that, rattle and clink, released her anchor.
Hey, Coragem,
I don't think HB was implying you might not have intended the repetition -- we all know what a careful writer you are -- just that it didn't quite work for him.
I think the bold version of the sentence works better than the previous version but (and I am sitting down while I type this, fanning myself with the pages of Strunk and White) because you've added an 'and' before 'yanked'. I still prefer a comma to a semi-colon.