I can pretty much tell you that creating a separate set of rules for one type of race versus another is a quick way to kill the class. I know for a fact that I'm not going to want to buy two sets of sails for the same boat.
IMO fixing and updating the current sailplan over time is probably the best idea. Next year, the spin gets updated. 2 years later, the main, 2 years later, the jib. This way it gives everyone in the class who would normally replace their sails every X number of years the opportunity to plan when they move to the next cut.
Here's my reasoning for the distance racing association - in doing SMOD, the builder/class association is going to go for the biggest group (to sell boats and grow the class), and that is going to be buoys. I'm not advocating a full set of different rules and such, but maybe some exceptions and extensions to the buoys rules that make sense (from gear life to safety to competitiveness) that buoys won't care about. This can be done on a class by class basis or an overall distance racing association. Maybe we can learn and apply some things for safety and speed...
