When I sew HSTs, I use the oversized square and chain piece 1/4" off the center line. I alternate the side that goes under the foot. That way I avoid having to deal with the pointy bit.
WIth this ruler, you will always have the point going through and one solution is to get a different needle plate for your machine (assuming it is offered). The single hole will not allow the fabric to be pulled into the feed dogs. HOWEVER you have to be aware that you can't switch to a different stitch - it will bust the needle.