Glenn:
Yes, 7/16" is right. As for length, I simplified my reefing lines down to single line reefs just like on a dinghy. To measure what you need simply start at the reefing winch measure to the mast base, then verticle up to the sail reef point, then back down to the boom, then aft to the end of the boom then up to the reef point, and finally down to the boom directly under the reef point. This is single-line reefing. I have run this way for many years and tens of thousands of miles. IT WORKS. Now, to install this you need to remove the silly boom shuttle cars that IP put into the boom. Drill out the boom rivets on the aft end and pull the cars , ie, two blocks wired together, and toos them overboard

. Now rig as a single line reef system. Yes, then do this same system for reef #2. You will be amazed at how easily it works.
One last detail, the front of the boom, you will need a bolt thru the fitting to hold the front boom sheaves in place because your pull is reversed. Still, it is all worth it.
Look under the RIGGING section in this forum and you will find more discussions on this SINGLE LINE REEFING. Here is one.
www.ipyoa.com/forum?view=topic&catid=46&id=2363
Hayden