That used to be very common. Boats would have what today we call a jib cunningham, and an extra clew cringle. The only issue with reefing a jib this way is the danger involved in tying in the Jib sheets. The reef cringle is often at five or more feet above the deck and on the leeward side of the boat. The safest way to tie in a reef in a Jib is to drop the sail, tie it in and then raise the sail again so it is harder to do single-handed or on the fly.