George:
I had the second reef installed on my relatively new EP main. I looked at a 
few photos of M-15's with a second reef and pointed to a spot and told the sail 
maker, put it here.
It is fairly deep, just a little less than the distance that the first reef 
is from the boom to the second reef. In all honesty, i've never used the second 
reef but there it is, rigged and ready. 
My thoughts are that if I need the second reef, I'm heading to safe harbor in 
a hurry, probably with the jib down, the hatch covers closed, my lifejacket 
and safety harness on, and my trusty 2HP Honda running. I've thought about 
getting a "storm jib" say 70% but heck, I'm not going to the bow in those 
conditions to put it up. and I'm not going to start out sailing in a 15 ft boat 
in 
those conditions with the storm jib on. Most likely, I'll get caught one day 
with 
the 150 up when a summer t'storm catches me.  Then I'll use the jib downhaul, 
and maybe put the second reef in.
I' ran the 20 + mile Dauphin Island Race last year in 20+ knots with the 
first reef and the 110 and found I needed the power to hammer through the 
waves. I 
feathered the main in the gusts and she stayed on her feet. I have tried "jib 
only" but never in 25+ knot winds.
I'm not sure why you need the second reef but if it's for insurance, consider 
how the boat is going to handle in those conditions and whether you will fly 
your jib or not. 
Fair winds, good company, and have a nice sail.
Don
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