Some thoughts ....
I vaguely remember that early Island Packets used such a system of a wire luffed staysail. Problem was/is that the sheeve attachment with the mast took a beating and usually broke after some time. I have the same system on one of my racing scows, and need to replace the luff wire (actually - ultra high tech super strength polymer) very often because of the chafe as the line goes over and around the sheeve.A 135%LP if the furling gear has both a top and bottom swivel, and the cut of the luff is reasonable, the sail has a foam luff, can be successfully reduced down in sail area by about 30% of SA and still have 'decent' shape. More than 30% reduction the shape, especially the luff shape, becomes very 'un-shapely'. 30% reduction of a 135%LP would get you down to 95% SA. One of the reasons for 'furlers' not gaining good SA reduction & decent shape is a slack forestay . The forestay should be tensioned (for 'normal' conditions) to about 12-15% (more in 'heavy wind' conditions) of the ultimate breaking strength of the wire - by applying backstay tension. If you dont have the minimum 12-15% of forestay tension, the luff will 'sag' off to leeward and the sail shape will become very 'bad' / 'baggy', plus you will get some adverse 'wrinkles' at the luff section when you roll the sail up on the foil. For what its worth and if all the items Ive listed above are 'correct', your probable cheapest and best performance option is to get an additional (used) foresail of about 100%LP (which can be sucessfully rolled down to a 70%) and simply change down from a 135 and use that smaller sail when overpowered ... but check that forestay (backstay) tension - first. Also since this is a mastheaded boat have you tried to deep reef the mainsail and simply sail on the full 135% and a deeply reefed main .... should give good balance to the boat with a large overall sail area reduction. Most mastheaded boats will sail 'nicely' on all points of sail with just the genoa flying! hope this helps