A) It is your boat and your money. If you are feeling flush and want to try out the newer plastic/laminar sails then go for it. Keep in mind though that by and large the average consumer of newer technology sails usually has a large budget for replacing said sails on a 2 - 5 year cycle and may be racing for a larger sardine dish then is awarded in your PHRF races. If it were my money I'd opt for a high quality Dacron sail as it is a tried and true technology. I'd even buy said sail(s) from an offshore maker like sailwarehouse.com (Rolly Tasker) and save another boat buck or two.
B) With my boat (Tartan 27') we are allowed a maximum of up to 155% jib without incurring a PHRF penalty. One school of thought on this dictates that you should carry as much fore sail area as practical for maximum lift and power. The downside to this philosophy is that when it is windy you might be over powered even if the sail is partially furled. Being over canvassed while short handed is clearly not an ideal situation.
Your idea of going with around 120% makes sense if there frequently are good winds where you sail. The boat will sail flatter and faster with less stress on crew and rigging.
Lastly I'd defer to the Abbott 33's designers recommended fore sail area: ABBOTT 33 sailboat specifications and details on sailboatdata.com
There is little point (IMHO) in putting on a such a large head sail that your boat ends up with the dreaded lee helm. From the spec I linked your main and jib should be very close in sail area resulting in a balanced helm.
Your boat, your money, your choice.