Guys,

This was the same question I was milling over this winter. I have a SC20TR with a stock pin-head with muiltiple reef points (which I have never used). Currently I run a wire halyard, but was thinking of going to hook and ring for the main. In doing this, I'm affaid I would loose fast reefing ability.
There has only been one or two times I(we) should have reefed her, one race we got caught in a burst (+35), what a ride! The second race we had to bail-out and return back to the beach, too much power - live to race another day!
Good luck with mods, and remember to use it to save yourself and not to sail in soup you shouldn't be out in anyway.