Michael,
You indicated that if you traveller out you loose pointing ability.
I have also found this to be the case when using a sloop cut sail (cat rigged) because of the flatter bottom to the sail. In this case I have found the pointing problem to be solved by easing the foot of the sail. This affectively tightens the leach of the sail a little and returns the sails ability to make the boat point.
You wouldn't do this if the bottom of the sail was cut fuller.
I sail both sloop and cat rigged depending on the event .
I have found the diff between the settings for each config with my sail are as follows:
Cat rigged, I find easing the traveller essential to get the boat to drive well upwind, but this must be accompanied by easing the foot of the sail or I also loose pointing ability.
(James addressed the issue of cat rigged sailing with cat rigged sail and in that case the foot was kept tight.)
In addition to this I put stiffer battens in the top of the sail for cat rigged sailing. This also helps make the boat drive really well.
When using the same sail and sailing sloop rigged I centre the travellerand tighten the foot of the sail and that also works great. If I ease the foot in this config it really kills my boat speed and stuffs the balance of the helm. Traveller out in sloop config only as a last resort in survival conditions.
Just the way I see it.
Hope this helps.
Phill