This method works fine for the hanked on jibs I had, now with a foil, one jib can be up, the other in the lee hoisting, drop the filled on, and new fills almost instantaniously! But again, you need two sets of sheets to do this method, strictly cruisers may not want the extra expense of the lines.
That method isn't mad, it's called a peal. And the fastest way to make a sail change. I'm not a fan of huge loops at the clew, a larks head seems to work the best and saves on weight pulling down the sail in light air.