To sail a good cat fast I reckon you should always have one hull out of the water, 50% less wetted hull area must be quicker. As for big bumps and bigger capsizes, it's all part of sailing. Isn't it?
But having said this the F16 and probably Taipan as well are probably one of the most user friendly fast cats produced in that their overall weight to sail area are perfect as compared for instance to a not so user friendly F18 on one hand due to thier excessive wieght and on the other the super light and very twitchy 'A' Class. In the real world both the F18 and 'A' are probably sailed faster than F16's but the skill margin to do this far exceeds most weekend warriors.