You have the theory correct. We start the fast boats first on the outer course, then the slower boats on the inside course.
The first reach get the big, hairy spin boats off to the side the first time around, allowing the small boats a fresh course.
By the way, W/Ls came about mostly because of the use of spinnakers. There are lots of boats without spins that love reaches. Nothing old fashioned about that.
And the Waves hate downwind legs, thus the adopted course for the Wave Class is triangle, windward, leeward -- give the boats two upwinds, two reaches and one downnwind.
Hope this doesn't make me old fashioned. <img src="http://www.catsailor.com/forums/images/graemlins/tongue.gif" alt="" /> Seems to me I got the same **** from Matt Bounds last year.
Rick