Because the spinnaker and pole on a Flying Scot are relatively easily manhandled you can get away with jaws down (i.e. hooked over the top of the guy) however this is not the right way to do it, especially on a larger boat or in a stiff breeze.
With the jaws up the pole will drop when released. With the jaws down then the guy will only drop out if there is very little load on it, and if the poles "skies" you won't be able to pull it down and get it off.
You should attach a short piece of line, or loop, to each jaw piston. That enables you to clip or unclip one end without freeing the other. The line that goes between both should be used as an "emergency" release. When the line is pulled hard near the middle the pole comes off both the guy and the mast ring and hangs on the topping lift.
Without a short line at each end then it can be difficult to pull the line so that only one end comes free.
To gybe, for example, hook the sheet into the guy clip first, pull the short line at the mast to release the pole from the mast ring (it will drop down easily), place the sheet in the free jaw, push the pole over to the other side, release the former guy by pulling  the short line, and clip it directly on to the mast ring, then take the sheet (former guy) out of the guy clip.
Having both sheets in the pole as it is gybed simulates twing lines, which Flying Scots don't have, and keeps the spinnaker under control during the gybe.