This is a modern picture and there are reef points.
For this boat; question 1: After you set the reefing halyard lock, down haul thru the front reef point. bowline to the aft reef point with the outhaul line. Roll up the loose part of the sail with the batten in and run 1 continuous line thru all the reef points but only tied at the ends with half hitches. Don't point load the middle reef points. Shock cord also will work to keep the extra sail cloth rolled up. Down haul and out haul normally.
Also they reefed in the extreme sailing series at Cardif last week but the wind died after they reefed. The x 40s reef when mandated by the RC.