Hi Rob
You are at a fun stage sailing-wise! The answers to your questions somewhat depend on where you sail and safety provision, obviously you need to be a lot more cautious if there is no safety boat provision etc etc. If you had that sorted you could make no changes and just learn more about sailing and capsize drills, safe in the knowledge there was some back up. But assuming you are independent then you need to master capsizing drill and set up a reefing system. Keeping it cheap until you are more clear about what you want to do these would be my priorities.
1. Fit a single set of reefing points on the mainsail and modify the boom accordingly for reefing lines. I used the Wayfarer handbook for a huge amount of advice and I think it is now available as a DVD/CD rom. Well worth it.
2. I fitted a genoa furling drum which required only a simple shortening of the wire genoa halyard, and the purchase of a drum, cleat and furling line. I would hold on investing in the cost of a genoa reefing system unless you are very commited to a cruising future. I use an old enterprise jib as an alternative foresail.
3. For capsize practice, avoiding inversion, sailing schools just tie some form of bouyancy, eg fenders or empty milk bottles etc etc to the top of the mainsail. It bangs about. Later on invest in mast head bouyancy if you want to, you ought to practice inversion drill too.
4. Not sure of your mainsheet system but when gybing keep slack out of the mainsheet to avoid tangles. If there is a breeze and you only have the outboard for emergencies store it in the locker with the bracket so its out of the way altogether. Don’t drop the outboard over the side if mounting it at sea!
5. Sailing under jib alone to a downwind destination is a pleasure as well as a good safety ploy if overpowered by the conditions. Not sure how close to the wind you can manage (not very) but for emergencies or just to introduce some control its very useful. Equally you can sail under just mainsail upwind but in terms of sail balance it is regarded as a no no.
All the best
Dave