You didn't ask me, but I'll volunteer an opinion :)
When in doubt, let the sheets out! 'Tight' sails are usually stalled sails
with more heel than drive. You want to trim the headsails just enough to
prevent luffing - any more, and you stall them out, and induce excessive
heel. And its OK if the main is luffing a bit as long as you have good flow
over the leech. The leading edge of the main is pretty turbulent anyways
because of the mast. $5 spent on telltales will be some of the best money
ever spent. Typically, the lower you point, the further you need to ease the
sheets. It >IS< fun being heeled way over, but it usually isn't very fast.
I agree that you can't point the P19 (efficiently) much closer than 40 or 45
degrees to the apparent wind. Even if you can, bearing off and easing sheets
will often yield a higher VMG, especially if there's any chop at all. You
need to keep boat speed up (even if its not in the direction you want),
otherwise you don't get any lift from the keel and wind up making lots of
leeway. It used to happen to me all the time at the races - I'd pinch high
to avoid a committee boat or mark, but boat speed would slow, leeway would
increase, and I'd hit the obstacle sideways.