BrianW's point deserves its complement-- the price of raising the boom and recutting sails for it on a small boat is reduced stability, added heel, less sail area, less pointing ability, and with mid-boom sheeting higher load on mainsheet tackle and less leverage.
That said, I would go with a new main. Ask the friendly neighborhood sailmaker his advice while you're there. These guys are usually very sensible, experienced, and frugal.
Roger is right about the vang; but remember that with mid-boom sheeting (so common on small boats with Bimini tops), the vang and sheet bails are so close together that the vang does very little of what it's supposed to do. The farther aft the mainsheet is, the more the boom does its proper job and the same for the vang.
I have a sliding gooseneck on my boat that lets me have the best of boat worlds. When reefing I lower it at the downhaul than raise it the halyard. This helps, more than most people realize, in heavy weather.