After talking with our sail maker, we seem to be going with a two lines led back to the cockpit and single set of reefing points. Considering that we are sailing on the Chesapeake Bay and generally have 5-15 knot winds, and rarely go out in high winds, a single set of reefing points keeps the number of lines coming into the cockpit at two rather than 4. It also reduces the number of lines that hand from the sail and flop all over the place.
While the single set will be a little more aggressive than the lower set in a 2 set setup, I guess if we decide we need another reefing set, we can have another set added to the sail. But I really doubt that we will.
I'm really looking for a cockpit controlled reefing setup that will allow me to virtually single handed (with autopilot) reef the main and keep the boat a little more upright if the wind surges.