Quote:
Originally Posted by mellecaster
I view it as beneficial ......as in counteracting the tension of the strings, I prefer hanging by the neck, over a conventional stand or case storage...but I'm just going by my Gut...I'm sure some Engineer types will weigh in, and prove me wrong...... 
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Melle,
You know I have immense respect for you, and I would just as soon stick rusted jagged knitting needles in my eyeballs as to say your wrong, but I think you haven't thought it out enough.

So I'm not gonna come on here and pontificate about it. I tested this first, so I have the data.
The combined force of the strings to the headstock comes from a vector on TOP of the bridge.
For direction's sake, let's assume you are holding the guitar in a playing position. The force of that vector bends the neck in a direction away from your body. The truss rod counteracts this force and allows the action across the fretboard to be usable. If I were to push the back of the headstock forward (away from me), the pitch would go flat (like Redd does when he plays) because I relieving the neck. If I pull the headstock back towards me, it will go sharp, increasing the force on the strings.
When a guitar is hung vertically on a fork type stand under the headstock, the tension from the strings (~85 to 150lbs), keeps the neck "curled up". There is not much in the way of a gravity vector to "unbow" or relieve the neck since
gravity is not perpendicular to the force.
However, the guitar laying down on its back will affect the tension of the strings MORE than hanging. That is a reason to NEVER set the bridge intonation with the guitar on a bench. It should be done holding the guitar normally. The neck is "flimsy" in one direction and very "rigid" in the other. You can sit there and push the headstock toward you or away from you and change the pitch significantly. Pushing the neck towards the floor or ceiling gets you no where.
Experiments:
Plug you guitar into a good tuner while holding the guitar in a playing position and tune any open string up to 440 pitch as accurately as possible. Pluck the string. While the note is still ringing, turn the guitar over on it back. Make sure you are not touching the neck. The pitch increases for me by ~5 cents.
While holding the guitar in a playing position, the tuning is still on 440 as accurately as possible. Pluck the string. While the note is still ringing, turn the guitar face down. Make sure you are not touching the neck. The pitch decreases for me by ~5 cents.
When I did the same and held the guitar vertical like a wall hanger, I could not measure a change.
In summary what I surmise iz, the force created by gravity would reduce the tension of the strings
IF the force could bend the neck forward. The neck is very structurally rigid lengthwise. It is only easy to bend in one axis.
Of course all this would vary with neck thicknesses, string tension, quartersawn neck, density of wood, and phase of the moon.
Try it yourself and let me know your results. This is fun.
If nothing else this post should raise the awareness level of intonating guitars in the playing position only. I've never seen that mentioned on the TDPRI, but that don't mean it ain't here somewhere.
BTW, that is a great question. It's not going to hurt the guitar to hang it vertically. I'd be more concerned the dust collection aspect and with the material of the hanger to make sure it will not harmfully interact with the neck finish. NO URETHANES!!!