You might set a large colander on top of the pot, rather than be left holding the bag. Given the bag, a canning rack (which has rather big spaces) might even work, and that has hooked handles to hold it up in place.
This might be enough to get me to give PM or even AG a try - I already have a 10 gallon brewpot and a canning element on the stove (if you don't have one, and you brew on an electric stove, I recommend them highly. You can put the original element back in and take the canning element with you when you move out). Any appliance store should be able to order one if they don't have one in stock.
I've been wary of the fuss and time of getting into AG and mashing and lauter tuns and RIMS and HERMS (which seem to have replaced RIMS as the acronym of choice, but I'm carefully avoiding finding out too much about them - trying to make beer,
not equipment). But I already do a full-volume boil for 5 gallon batches and steep pounds of chocolate malt, so mashing may not really be much more work/time with this method.
