I had a similar situation where I needed to hang a (light about 100lbs) heavy bag and I still needed access to the area. It was in a shop, not a garage, but same difference.
I did use a pully, but I hung it about 4-5 feet away from where I hung the central point of the heavy bag. I used rope and sling made of an old pair of jeans. When the bag wasn't in use, it was slung up parallel with the ceiling.
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