Have to tell you that it is hard to beat the Harken Ratchamatic, if you can legally incorporate it into your class. Ratchet while you are sheeting, and when you ease it is free wheeling. I could go on and on about how great that is -- but for example, most blown tacks are because the mainsheet won't ease enough in light air. With the Ratchamatic, the mainsheet eases very well.., this eases the leach, allowing the boat to go through the turn.
In other words, the system works.
I am not sure what is allowed in the H16, but take a look at what is available:
Here is the link to some really good systems:
http://store.catsailor.com/tek9.asp?pg=products&grp=331On the line, the modern stuff (i.e., Warpspeed)) the core is all the strength. And the core is UV protected. So, you can get comfy cover and the part that goes through the blocks can be the core -- definitely the way to go.
In general, 3/8" is a bit too large.
Rick