Tim,
I use my boat like yours. I like to sail in light winds and it's not bad for day sailing here because it's usually flat (no swell) and we don't have much current. I don't like missing sailing days just because our Chesapeake summers have many 2 - 10 knot days. We do get the random front in summer and our spring and fall sailing generally has more days of over 10 knots so there is the need to reduce sail either by roller furling or changing sails (reefing is less effective due to the much smaller main vs genoa on both our boats).
My E36RH has similar rig dimensions to your E34-2 but is a little lighter. I try to keep extra weight on board to a minimum (1/2 tank fuel and water, 25 and 35 gal) but I'm not a fanatic. I have refrigeration, 4 group 27 batteries, solar panel, some tools and extra sails onboard all the time. I have standard ablative bottom paint.
My laminate 150 genoa (Quantum Fusion M) was built with a light air shape and no intent to partially furl. I am moving along with steerage (2 -4 kts boat speed) in about 2 knots of wind IF the wind is flowing down at the water. Often, I will have the same boat speed with the masthead wind reading up to 5 knots if there is a large difference in wind speed from water to masthead. My 150 is maxed out at 12 knots true wind speed with full main. I also have a similar Quantum jib that is about 105% LP. It takes about 8 knots to get moving with this jib, 10 knots is pretty good and it's maxed out by 18-20 kts. I usually try to start spring with the 105, change to the 150 for summer and change back to the 105 for the fall. I usually have to make a few sail changes during the season and I will also decide to sail the 150 partially furled (ugly) or the 105 underpowered a couple of times because I don't feel like doing a headsail change.
The advantages: I have enough sail area to sail in 2 - 5 kts. wind speed. I go faster than a 120-140 LP headsail in 5 - 8 kts wind speed. (We get a lot of 2 - 8 kts here.) I rarely sail partially furled. Reaching and running, I don't switch to a spinnaker until lower wind speeds.
The disadvantages: Our headsails are big and heavy (my 150 weighs 60 pounds) making changes a BIG job. I always try to change at the slip before I head out. Changing UP to the 150 (wind dropping) isn't too bad underway, changing down to the 105 not so much fun. You will need a pre-arranged system to drop and lash down the dropped sail on deck if you do a headsail change underway. It will need to be strong enough to keep your expensive sail on deck while you sail all day with the other sail. You can partially fold the dropped sail and stuff it through the bow hatch in a pinch, but it's wet and you will totally fill the vberth. Just folding the 150 to get it off the boat takes practice and technique. You have to buy two sails. You have to store the unused sail onboard. Did I mention changing sails is a major PITA.
You should definitely experiment with light air rig settings. I have a hydraulic backstay adjuster. With it full off, I have 10 inches of forestay sag. I also have easily adjustable lead cars. These help de-power the genoa when the wind comes up, as does pulling the sag out of the forestay.
You should also investigate a laminate, foam luff, partial furling genoa. Your sailmaker can build a laminate with a powerful light air shape but add more fiber where needed (or stronger fibers) to strengthen the sail to handle more wind and also to save weight. This works better than building an entire Dacron sail out of heavier fabric to handle the upper wind range. It will have a fast sailing shape for most of it's life because it doesn't stretch. It WILL cost more than Dacron but not nearly as much as two sails. Your sailmaker can also tweak the sail for more area to help get more power. My 150 below was built with a low, deck sweeping foot for more efficiency. It also has lightweight nylon on both sides to protect it from wear and UV (also qualifies for roller furler racing credit). Take your current sail to your sailmaker for an evaluation when you go and he will tell you how much better a new sail might work at low wind speeds.
Mark