A major limiting factor is how short you can go before the sprit runs into the boat. I'd not take more than 1/5 out of the sail area in any event and for a boat that small, one reef is about it.
How does she sail in a blow if you scandalize the rig, just yanking the sprit out and letting the upper and outer triangle just flap?
If you do make a reef, arc the reef points in a very shallow inverted U so's you don't have a big loose floppydoodle along the reefed foot.
G'luck
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