Mary,
I am a firm believer in keep it simple. Select one boat(done by committee of past racers and organizers) and commit to it for 3 years. The new boat would be selected right after the last of the three years. Make sails open as long as they measure in to the class rule. The rest of the boat would have to be class legal with the exception of safety equipment. This would allow teams to make an investment in a boat and keep the overall costs down. It would also make for the most competative racing.
I would keep the leg format but base the overall winner on points not overall time. Each leg would be 1 point per place. Lowest points wins with the tie breaker being over all time.
I'm not sure if I would continue with the night legs. They add excitement but the risk is may end up distroying the event(ie. we lose a boat and crew).
What the spectators want is close racing with excitement. The best press is when multiple boats are racing neck and neck.
I would also like to see a tracking system. It could be paid for by a paid web site and sponsor money. Add live feeds from the start and finish.