I put a Harken cheek block at the top of my mast which makes it very easy to set/douse/reef.  Depending on the size of your halyard, you can go with the Harken 092, 233 or something like that.  

I also have a tapered halyard which has a small Dyneema core with a polyester cover down by the cleat for handing.  Did I mention that I'm a professional sailboat rigger?

I also have a clam cleat block setup for my downhaul to take the wrinkle out of my lug sail.  This puts an extra load on the yard, which I might reinforce as a I-beam.

   Hey Captain, that is what I needed to hear. Appreciate your advice. Thanks.

   I went with the hole as described in the instructions.  It actually works well for me.  If I were doing it again, and if I were to rework it, I might downsize the hole a bit and fit it with a fairlead liner, either fabricated by me out of reinforced Delrin or similar (I have access to a machine shop) or find one that will fit.  The hole is still pretty slick anyway, having been sanded, coated several times w/ epoxy and varnished.  A rounding bit of some kind would have been nice, but I just spent some time w/ sandpaper.

It lets you lead the halyard up the left side and down the right to a cleat (or turning block if you are leading it aft), leaving room low on the left side of the mast for the downhaul.  I have already turned the downhaul into a 3 part tackle with a bullet block and a block w/ becket and shackle to more easily tension the luff.  That's a better use of shop time IMO than putting a halyard block on.

   Not being a professional rigger, I'm not showing off w/ spiff cordage.  Just leftover Regatta Braid and Sta-Set lines from my big boat days.  I need to get some smaller lines for the halyard and downhaul, but I'm as small as I can get on the sheet and have a comfortable hand.  I have put a small HexaRatchet block in place of the one from the kit to help relieve some pressure when sailing in a breeze.