Ok, it took me a while to figure out what the "slug" was, but I understand now that the comptip mast halyard is part wire and part line. I am assuming that by reefing the main, the section of the halyard I would have to cleat off would be the wire.

Also, after further review, (and a dinner-table discussion with my father) I have decided that it would indeed be much easier to reduce sail area and power just by furling the jib before sailing directly down-wind in heavy winds. This does allow a more immediate adjustment and a larger difference in sail area.

-Thanks to all for your help
By the way, what is the deal with the HUGE price difference between Mauri Pro sailing and Catsailor. Even when you compare Catsailor to APS, there is still a difference.

http://www.apsltd.com/Tree/d75000/e73797.asp