We bought a very pretty cruising chute for Badger and it worked like a charm - as long as we dropped the foresail. We came to the conclusion that this was a bit counter-productive, and I sold it for a profit after about 6 months.
My take on it is that the people who have successfully used light-weather drifters, et al, have done so on boats that are conservatively canvassed. Junk rig is at its worst going to windward in light airs: I don't think it would be possible to set a jib in such a way that it would give you those extra degrees of pointing, without putting shocking compression loads on the mast. Judging by the amount of people who motor around in F1-2 breezes, your average bermudan-rigged boat doesn't do that well either - the only ones that do, have a wardrobe of hanked-on sails.
Would I prefer a bermudan rigged boat in light airs? No: I'd just wish I'd put a bigger sail on my junk, because when I get into harbour, I will have to deal with that damn great sail, and its ropes, put it all in a bag and find somewhere for the damn great bag. And knowing my luck, I'll have managed to drop the sail in the water, so I'll have a damn great wet bag to deal with.
I actually adore drifting along in F1-2 and find one of junk rig's most appealing aspects is the way that the sail will just hang out peacefully and waft me along in the gentlest of breezes. But not, it must be said, at 30 degrees to the apparent wind.
Am I putting a large enough sail on SibLim? Probably not: I'm compromising because I don't want an overly long mast nor very long battens.