Hi Popeye (odd name for a Wayfarer sailor),
I have had both roller furling and roller reefing systems. Both are well worth the expense.
Roller furling means the genoa is right out or right in (although it is possible to use a very small section of genoa in strong winds). The best system is the Harken high load. http://www.sailboats.co.uk have an offer on furling drums at the moment.
I now have the Holt reefing spar. It meant a new sail with a rope luff instead of a wire luff, but I managed to sell three sails to finance it. Works very well, brilliant for single handing with the line led back to the back of the centreboard case and has only a small effect on performance. Another good system is the plastimo system – slightly bigger spar.
Any sail will furl without being recut, but obviously the greater the dish at the bottom the more it will crease.
Hope this helps.