Other than there being hanks on the jib, this sounds like the early jib furling systems. You can find them in Street's Ocean Sailing Yacht. The Cal
34 I used to sail had one, but we never used it. There was a pad eye just aft of the headstay that was tied to stem fitting with a steel
plate. The jib has a luff wire in it substantial enough to take the load of the rig. The jib halyard
however was not up to the task on this boat, as the sheave would get torn up. Basically the closer you could get the headstay to go slack the better you could point. Have you ever rigged one of the sloop
dinghies (FJ, 420, Hobie 15) where the forestay is to hold up the mast
while the sails
are off, and it hangs slack while you're sailing? They aren't supposed to work as well as the modern furlers, but I have read that some cruisers like them better as once it is furled, you can lower the furled sail and roll it up in a loop and stow it.