thanks for all the suggestions,guys.
still need to talk to the skipper, but I believe that we are now definitely rigging it 4.9 sloop. full F16 rig can wait until we have:
a) got better at sailing it
b) more money
c) more experience with other boats.

just to clarify, from pictures that I have seen, and from Matt's post, am I to assume that in order to acheive sloop rigging we do not have to drill holes in the hull?
how the jib blocks attatch, and where, is the part I'm still trying to figure out...