We've got two reefs rigged at all times. I prefer to have them ready to go even though we only sail in the Chesapeake because we need that 2nd reef over 20knots. Different boats, different needs. But if your boat needs a reef in the kinds of conditions that can come up in your locale, I think reefing lines are no good unless they are already there.
To keep the lines from interfering with sail shape (such as it is with our old sack of a main!
) we pull some slack in the reef lines back at the leech.