Hi Derek.
We are pretty new to cruising a Wayfarer ourselves so chances are someone with a lot more experience may have other answers but…….
Re’ the fairlead position, On ScallyWagg they are mounted on the side decks leaving the seats clear, I have noticed we can’t point quite as high as other boats with fairleads mounted inboard but for cruising with the family I prefer to have the seating clear. We have just fitted slab reefing and it works a treat. If you e-mail me I’ll send you measurements, pictures etc. 2 deep (1 meter) reefs with all the patches etc cost about £8 and the sail sets beautifully. All the best. Mike.
W5316, ScallyWagg