It's pretty easy to heave to when we're sailing jib and jigger. Just roll up the jib. It works well in moderate conditions to stop for lunch or just take a break.
I think I've done it up to about 30 knots. The problem is, the tiny mizzen doesn't seem to have enough drive to get the bow much more than lying broadside to the seas. Simply too much windage forward. There seems to be info of yawls hove to with just the mizzen that I think is a little optimistic. We can improve things just a bit by sheeting the mizzen to windward.
Beam to the seas (not breaking of course) are fine in moderate conditions but I think the boat needs more sail to keep it at least quartering into a sea if we were to ride out very much heavy weather. I too raise the board and the boat slides nicely to leeward.
My next main I think I'll have a third reef row put in just for this purpose.