Re: Moonshadow, the boat: Splendid pic of her, well battened down for the Winter. Sprayhood frame folded, canvas stowed, also the fores'ls and wheel. Presumably plenty of fenders between her and the boat she's rafted up to. She has the look of a 90s Southerly about her. Raked bow, slipper stern and very small center cockpit with large fixed glasshouse and presumably a spacious stateroom aft. A high latitudes wet weather boat. Southerlys have lifting keels so they can go in very shallow and take the ground standing up, so to speak.
Personally I prefer warmer bluer waters, a large spacious aft cockpit & a bimini.
Re: in-mast mains'l reefing: Join the Club. Generally reefing in a blow they go in OK, but getting the blxxdy thing out again can be nightmare, best done in port.
In 2002 we hired two nearly identical Feeling 39s at Croesty in the French Biscay. Ours had in-boom reefing & fully battened main, the other had slab reefing and lazyjacks. We sailed them hard for a week and we won on all points of sailing. Perhaps our boat had a cleaner bottom! The in-boom keeps the weight low and the mast is slimmer.