You can't crimp a second slug on the new halyards because the wire portion isn't long enough. That was the point - to not have a way for electricity to travel from the top of the mast. There were cases where boats were towed near a launch area where the mast contacted overhead electric wires so it was a safety issue. I guess you would have to get an old halyard or modify your present one if you wanted to reef.

I reefed my H-16 main one time in 23 years and didn't feel like it made enough difference so I never bothered again. I also sail a Cape Cod catboat (monohull) and reef it pretty often.

Howard