I think, unless you have some special situation, generally two reefs work. Having deeper first and second reefs generally the practice today.

IF you were sailing around the world or sail in very heavy weather situation frequently (maybe only 1% of the people reading this post), maybe three reefs would make sense.

Your C&C has a relatively large 'j' (i.e., a larger foretriangle) as part of its sail plan. So, as I recall, you depend on a 130 or 150% sail for lighter air? Then, your C&C likes to have its main flattened quickly as the wind picks up, then either you change down to the working jib -- or you have to reef quickly to keep from being overpowered. As I recall, above about 10 knots (close to the wind) you really go as fast with the working jib and the full main as with the genoa?