With these boats, you always have to consider that people use them in different ways so different things are important and that has an influence on how they are set up. In my case and going into my fourth season with this boat, I am considerably driven by easy setup since I mostly trailer and I want good performance when reefed. For the setup, running all the lines aft takes time (ie, halyards, outhaul, reefing lines) and Ive gotten away from this. If I only did the setup once or twice per season, I probably would have more lines run aft. When I have had lines run aft, I just cant get the quality of the sail set as nice as if I do it at the mast - of course there are probably better ways to do this than I was doing it but my setup is simple now and easy to get nice sail shape and "hove to" makes this work single handed. If I were in a slip all season, I maybe would do some things differently.
I also "vote" for only a single reefing point - but that is partly because I'm pretty much capable of "managing" only one. One key to making this work is getting a lot of range out of the the sails you have and especially a traveler makes this possible but also other adjustments like outhaul, vang, backstay help. I usually don't mess with most of the sail adjustment but if its windy, I constantly am using the traveler.
I use a hank on jib with a "downhaul" and both the halyard and the downhaul on the jib are led aft to the cockpit. Hank on jib = easier mast raising.
If single handed (80% of my sailing), I pretty much only use the working jib and use the traveler on the main a lot. As the wind picks up, I will usually first reef the main - as mentioned, this is where the old Mac is most fun to sail for me. Then, if things pick up more, I will drop the jib (easy to do from the cockpit - you need the downhaul to drop the jib) and sail on only the reefed main. With the traveler, it takes a LOT of wind before this configuration is too much - like fairly filled in white caps.. but next would be to drop all sails and either throw an anchor or start the motor.
Interesting pictures of the M reefing system..
(LED christmas lights..doesnt everyone sail with these?)