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We had that setup on a previous boat.
The sail sets fine, no issues such as those with partially furled sails. You can get the luff tension you need just as if you were hoisting a full sail. It is faster than a full sail change with hanks, you needn't unhank anything (or, if any, just the lower one or two), lower the halyard and attach the tack to the reef tack cringle (whether you have hooks or shackles for this may make a difference)
You do need to reposition the sheet, so if you have individual sheets, you can retie the lazy sheet to the reef cringle,(Don't forget to adjust the jib lead appropriately too), do a slow tack, during which you lower, attach the new tack, retension, and sheet in on the new (reefed) clew. This can keep you mostly moving during the maneuver, and much less disruptive than a bare headed change.
You can then, at your leisure, roll and tie up the excess sail of the reef into a tightish tube along the reef points. Hopefully by this time the 'new' sail is not a lapper and the fat sausage of the reef will easily go across the boat on the next tack.
To take the reef out you simply reverse the process.
Not as clean or as good as a proper jib (you lose luff length, of course) but it can save on inventory size. I would suggest that this is a more effective/practical idea used to turn a #3 jib into a #4 rather than 'reefing' a #1/150 genoa.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)
Last edited by Faster; 02-16-2012 at 03:52 PM.