I would suggest that the question should be "what is the minimum permissible halyard drift?" and that the answer is "it depends on several factors".
It is independent of the type of planform, but is dependent on the type of block used, the type of rope used, and the type of attachment to mast and yard.
PJR gives a drift of 0.3B, which for a batten length of, say, 4m would be 1.2m. This is generous to the point of being excessive, but allows for indecision on yard sling position, sail AR, need to hoist the sail higher for convenience at deck level and suchlike factors.
As a rule of thumb, I would suggest that modern yacht blocks are comfortable with a distance between them of twice their length, provided that each is free to rotate on its mounting by about +/- 45˚, this being achieved easily enough with a shackle through a hoop or eye, or a lashing, or a soft shackle. That would indicate a minimum permissible drift of four times the length of one of the blocks, or about 500mm, where two blocks are used. The use of a becket and its associated knot or splice would make it sensible to increase the drift to allow for extra distance between the blocks.
The way to reduce that is to use a single part halyard with a self tailing winch, or to use my preferred form of halyard, two parts, with two attachment points at the masthead, again with a self tailing winch. The end of the halyard is made fast to an attachment point on the masthead that is above the sail (at 7 o'clock, if the sail is on the port side), and passes through a single block on the yard and a single block at the masthead (at 5'oclock), and then to the deck. If the yard block has a little rotational freedom (but not complete freedom), it is permissible to hoist almost to the "two-blocks" state, or at least to a drift of three times the length of one of the blocks, that drift being measured between the attachment points on yard and mast.
But if possible, it's better to go for more than the absolute minimum drift that the blocks can tolerate. Another factor that might be considered is that a tricolour light really ought to be above the top of the fully hoisted sail.