On a Mason43 ketch
The strategy I came to employ was this: lose the mizzen first, obviously. Roll in the genoa so its clew was about even with the smallish staysail we often use in heavy air. That would make it more stable by eliminating the excess area that thrashed around in the shadow of the main, depower it in yaws and broaches, and bring the leads forward to not pull our tail around. Next was reefing the main for better sail balance and less sail area. Since it was a ketch, the rig already had a lower aspect than its more common sloop form; other Marconi masons said they went to a double reef quickly. Rigging a preventer is crucial here; the reduced main would then tolerate being by the lee occasionally when necessary.Finally we furled the genoa altogether and stayed under staysail and one reef. Thats as far as I've had to go in my experience so far, with about 30-35 kts downwind, sometimes surfing downwind and later parallel on a beam reach (while getting nailed by occasional breakers.)I think more than that, a second reef would be the next step, and perhaps then a decision between no main or no staysail. Obviously the final steps are storm trysail and jib, or bare poles and a speed reading from K. Adlard Coles book.