Keeping the sidestay tell-tale at 90 degrees seems to be the rule. I've also heard some fast sloop sailors say the traveller does not go out past the inside of the hull. It is also important to have the windward hull out (which is bad news for the crew because it means they get to spend a lot of time on the leeward hull - with a snorkel).
From my brief experience of sloop sailing I found I had to work very hard to keep the speed on and the apparent working.

Of course in less than 8 knots you can't get the apparent working so it's going to be slow.
I think an I14 with it's huge spinnaker could do better than a Mozzie without one downwind. They are rated 86.5 compared to the Mosquito's 84 so that's not much slower overall.
It looks like the MG is on 106 so you should be nearly lapping them in a 4-5 lap race!