reduce halyard size
I think it's a perfectly reasonable idea to switch the halyards down to 3/8". Savings in price, and weight and windage aloft (not much difference but a benefit, nonetheless). Additionally, if the sheaves at the masthead are sized for 1/2", then the 3/8" line will move just as smoothly and wear better with larger radius in the turn than normal or compared to the 1/2" line. I'm not sure what sort of t line you're looking at, but I recommend Sta-set X for the halyards. They stretch noticeably less than normal dacron braids, at a bare premium, priced still less than 1/2" anyway. However, stick with 1/2" sheets. The larger size has much better feel, although the load is still within the range of the 3/8" line. By the way, I really like the New England Regatta Braid for jib sheets. It is very supple and has excellent grip around a winch.