John.... I'm with you on this. On the coast where I'll be going, "waiting it out" is often not very appealing. A true reef is the only way to go. I had a long conversation with my sailmaker, and we've decided that a pie-shaped reef (like shown in the first picture I attached) only moves the CE back about a foot, and down by 6"..... so there should be few adverse handling effects. The other pic with the little jib would indeed be problematic like Beldar pointed out, since the CE is very high.