4th line from boom end with 3 sheave end cap

Gusts of 34kts does NOT make a F8. it has to be sustained.
It would be a different story to someone on longer offshore passages of course
Yes all sustained wind rather than gusts and all on longer passages otherwise I’d have been indoors! Thankfully also in a yacht designed for it
 
With modern rope like dyneema, it might be possible to fit two narrow sheaves in one slot, with a divider between?

Is the question not so much 'how often do you need the third reef?' as 'how often do you need full sail and the third reef on the same day?'
One possibility is to tie off the first reef and rig the reefing line to 2nd and 3rd reefs.
ISTR doing this when a crewed a race boat back from a x-channel race way back when.
 
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