Dynamic Placement of Object Instantiate using RaycastHit

After some consultation I have a solution;

What has been done is that we created a variable outside of the Update function to store the hit.point Vector3 returned via the RaycastHit. Then, because our variable is now global, instead of originally being created within the RaycastHit if statement, we can access it outside the function.

So then we create a coroutine to house the while loop which will position the instantiated gameobject at the hit.point of our raycast forward out from the player position.

 public class RayCastTest : MonoBehaviour {
 
     public float targetDistance;
     public GameObject web;
     int lengthOfWeb;
     public bool spinningWeb;
     public Camera cam;
 
     public Vector3 hitpoint;
     public GameObject lastLink;
 
     public LayerMask allowed;
 
     float fixDist;
 
     // Update is called once per frame
     void Start ()
     {
     fixDist = 5f;
     }
 
 
     void Update (){      
         // Bit shift the index of the layer (8) to get a bit mask
         int layerMask = 1 << 8;
         // This would cast rays only against colliders in layer 8.
         // But instead we want to collide against everything except layer 8. The ~ operator does this, it inverts a bitmask.
         layerMask = ~layerMask;
         RaycastHit hit;
 
 
 
         if (Physics.Raycast (transform.position, transform.TransformDirection (Vector3.forward), out hit, fixDist, allowed)) { //Using a raycast in direction forward from player transform
             Debug.DrawRay (transform.position, transform.TransformDirection (Vector3.forward) * hit.distance, Color.yellow);
             //Debug.Log ("Did Hit");
             hitpoint = hit.point;
 
             if (hit.collider != null && Input.GetMouseButtonDown (0) || hit.collider != null && Input.GetKeyDown (KeyCode.P)) {//if there is a hit registered
                 GameObject whatever = ((GameObject)Instantiate (web, hitpoint, transform.rotation));// spawn a new web game Object
                 whatever.gameObject.SendMessage ("ConnectRigidbody", hit.collider.gameObject.GetComponent<Rigidbody> ()); //Tell this game Object to connect to the aimed at rigidbody
                 Debug.DrawRay (transform.position, transform.TransformDirection (Vector3.forward) * hit.distance, Color.white);
                 spinningWeb = true;
 
                 StartCoroutine (PlaceObject (hit, whatever));
 
                 if (hit.collider != null && Input.GetMouseButtonUp (0) || hit.collider != null && Input.GetKeyUp (KeyCode.P)) {//if the player releases the fire key while aiming at something
                     whatever.SendMessage ("AnchorWeb", hitpoint);
                 }
             }
         }
         else
         {
             Debug.DrawRay(transform.position, transform.TransformDirection(Vector3.forward) * 1000, Color.black);
             //Debug.Log("Did not Hit");
         }        
     }
 
     IEnumerator PlaceObject(RaycastHit hit, GameObject whatever)
     {    //while the player has the button pressed and is aimed over an object with a collider...
         while (hit.collider != null && Input.GetMouseButton(0) || hit.collider != null && Input.GetKey (KeyCode.P)) { 
             whatever.transform.position = hitpoint; //set the transform of GameObject to hitpoint
             Debug.Log (hitpoint + " whatever is "+ whatever);
             if (Input.GetMouseButtonUp(0) ||Input.GetKeyUp (KeyCode.P)){
                 whatever.transform.position = hit.point;
             }
             yield return null;
         }    
     }
 }
 

Hope this helps.