4:1 is all you need and if you ever race it, that is what the class rules require (at least 4:1). Many sailors go to 2:1 in light air.
3/8" sheet is too heavy. Most of us are using 1/4" (6mm)sheet. The best sheet is called SALSA. It is very comfortable on the hands, runs through blocks easily and never knots up on the deck. And the price is very reasonable. Sometimes the ladies like 5/16" (8mm) but you never would want 3/8" as it does not run through the blocks easily.
Check it out
https://store.catsailor.com/ProductCart/pc/viewPrd.asp?idcategory=0&idproduct=15783The original equipment for the Wave has a lower block with cleat only. In heavy air the load on the block makes it difficult to release in puffs.
Recommended is the Harken small fiddle w/ratchet, becket and cleat:
https://store.catsailor.com/ProductCart/pc/viewPrd.asp?idcategory=0&idproduct=9243You can turn on the ratchet for heavy air and turn it off for light air.
Good luck,
Rick
