All the points about the fairleads and blocks are spot on. Even with that, you need to have reefing lines that can handle the loads and friction when loaded up. The factory installed gear is crap. Ask any delivery captain (they bring their own gear and install the factory lines after delivery).
As a 450F owner since 2013, I have replaced the reefing lines after my first offshore sail to BVI with new gear made by RigPro. The original reefing lines chafed through or broke at the point where they went through the fairlead (donut shaped). One might say that we did not set them properly but all 3 failed and multiple times.
I did not replace the fairlead with blocks nevertheless I would recommend it. If you don¡¯t then my gear can handle the loads and chafe of the fairleads. I am 3 years into using them and they solve the problem, no wear or chafe issues and they have been in some heavy weather. You still need to be very careful as the reef lines exit the front of the mast, you must have them come vertically straight up to the fairlead on the tack and then back down through the fairlead on the mast (here is where a block could help). You must constantly check for chafe at the mast.
For those of you considering replacing the lines here is what RigPro made for me which are much stronger than the factory installed and they put a Dyneema Chafe Sleeve on the last 10 feet so that when the line goes through the fairlead, the dyneema which is low friction and much stronger protects the line. Not cheap but worth every penny. This is what the offshore racers use.
Vin Ratford
L450F #277 GEM