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There's quite a range in how strong lines are and for halyards stretch matters a lot for top performance. The cheapest 5/16" rope you might by a hardware store isn't strong enough. But a low end sailing line like Samson LS or NE Sta-Set would be more than strong enough in 5/16". You'd be fine with 1/4". Racing dinghies with a main sail your size would use a high-tech line that's 3/16" or even 1/8".
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