I have some experience with lug rigs. However, Michael Storer is perhaps the leading light in the lug rig community, and there is a vast amount of technical information out there for rigging and racing his popular Goat Island Skiff. As Arne observed, downhaul/vang/kicking strap tensions need to be very high with a balanced lug sail. Mr. Storer recommends Dyneema line for the kicking strap/downhaul as well as the halyard.
Yards for lugs need to be beefier than those I see recommended for junk rigs. While the lug rig shares some strong similarities with the junk rig, there are fairly significant differences as well.
In my opinion, both systems have distinct advantages over Marconi rigs. However, I would suggest where ease of reefing is a primary concern, it's best to take an a fairly classic approach with a junk rig. For applications where ease of reefing is outweighed by ease of line handling, and in smaller vessels, a balanced lug has a great deal to recommend it, including significantly less spaghetti in the cockpit.
It's interesting to note that "Mystery" a 37' Cornish Lugger sailed from Cornwall to Melbourne, Australia 1854. She made the 11,800 nautical mile trip in 116 days, which was really "hauling the mail." In fact, she was commissioned to do just that between Cape Town and Melbourne. British Adventurer Pete Goss recreated the voyage in 2008-2009. There is some inspiring footage of "Spirit of Mystery" available on Youtube