I don't have your boat. But I do sail in central SF Bay. Allan's recount of his experiences sounds very right.
I also sail my 36' 1980 Cherubini Hunter 4' 11" draft 80% of the time with the second reef preset on the main sail. The boat needs it for the raucous conditions in the central bay. For the locations where the wind isn't quite as strong, then my 105/110 jib is out all the way. The jib does a large percentage of the motive force on masthead rigged boats. So what if I might be loosing .5 kt due reefed compared to full sail due to a lighter wind at the moment. If the wind is really piping, then the jib is furled a few turns.
A couple of weeks ago, I made the transit from Pier 39 to the east side of Angel Island. Wind was howling from the Golden Gate towards Berkeley. Current per the Tides.mobilegraphics website (example here >>
http://tides.mobilegeographics.com/locations/5545.html) was ebbing slightly. Most of the transit I was on a close reach. 2nd reef on the mainsail, but I let the jib out full. GPS had me doing 8.0 - 8.5kts much of the time. Yes I had to fight the weather helm but it was manageable. Upshot: A deeply reefed mainsail doesn't compromise in strong winds. But enables control. Also, in very strong winds, and depending on the current, even with a second reef, for the sake of my wife (and admittedly I also don't feel comfortable stressing my rig if it ain't really necessary) I might decide to give up my destination and alter course to do beam or broad reach.
My typical sailing location actually was a factor in a decision of mine today. A way's back I stumbled across a too big main sail for my boat. But it was in great condition and is very robust. It is now on my garage floor, cut to size. Reducing the size (luff is now 42.5' down from the original 48" has turned now turned the second reef location into the first reef. Due to a full length batten located in the position where a second reef would normal go, I was faced with either putting the 2nd reef below the batten which would be a 1.75 reef or above the batten which would be about a 2.25 reef. I chose the more aggressive option.