What is blue water?
To answer your question, we have bene offshore many times, sailed across teh gulf, the tortugas, and are heading to Marathon (keys) in a few days. We have inmast. I will not rehash a lot of old debates on this subject, but one of the huge benefits of inmast is that you do not have to leave the cockpit and can reef to almost any point and can do it and most sailing angles to the wind. That gives you a huge safety margin.
The negatives of it are that it is not as good a shape as a typical slab reef (reduces performance), and if inmast gets hung in the mast, you may have a real problem getting it loose. There is a work around, but it is not great (involves wrapping the outhaul around the mast to try and secure the sail).
SO - when it works well, I think it is actually safeer than traditional. IF it screws up, which it can, you cannot simply drop the sail and are in for a heck of a mess and potential safety issue.
Todays in masts are not the ones of old. Mine has never hung or failed. I know many others with the same experience. I have also spoken to sailors that did have theirs hang and at bad times. However, I feel that much of that may be due to how they have reefed/furrled the sail and unfurled it. YOU CANNOT do it like a traditional slab reef. Instead, you need to loosen the boom vang and Main shets so that the boom actually goes up some at the end to pull it out and back in. If you have it taunt and do it (like you would do for alsb reefing), you can get wrinkles in the sail and it can get hung.
I can expand on all this if you want. THis is just a very brief summary. Much more info can be found here on the threads discussing this. So the simple answer to your question, in my strong opinion, is yes. You can cruise offshore with a inmast.
Brian