Match Racing events!
Use the worlds best penalty system for your match races -
As Albert Einstein said : "do it simple - as simple as possible - but not simpler !" And let it be fair - fair sailing is the main thing in match races - and the thoughts behind this system is :
Have you done something wrong - have you infringed a rule : Then you shall be behind your opponent as fast as possible !
Very simple and fair !  And you will still keep the excitement with the boats close together, and it will be more interesting to watch and understand for the public, TV and the media. 
Everyone can see the Umpire flag and understand what happens - and the Umpires will have clear and visible control over the whole race, with no need to drive around making waves or any other interrupting manoeuvring.  And much easier for the organiser - less equipment, no shapes, less flags in the Umpire boat - but absolutely bigger than you have now !

15: YRC PENALTY SYSTEM for match racing
(used since 1970's in all local club match races in the Inner Oslofjord):

15.1: It will be umpiring in accordance with RRS App.C, deleting the
         system in RRS App. C 7.2, C 8 and C 9, and adding:
         A penalised boat shall always exonerate herself as soon as
         possible, on the same leg as the opponent, by crossing the
         extended midship-line astern of the other boat, with any
         part of her hull, crew or equipment in normal position.

15.2: RRS App. C 10.2 regarding RRS 31, is altered to: " No
         penalties for mark touching with only one boat within the
         two-length zone (applies even to starting marks). "

15.3: Exonerating for penalty(ties) given before start, shall be taken
          immediately after starting, but only by the boat with most
          penalties, and then only with the additional number.

15.4: For penalties given before start, the Umpires will repeat the
         display of the identity flag as soon as the boat starts.  After the
         start the Umpires will display the penalised boat's identity flag
         (blue or yellow) until they have accepted that the midship-line is
         crossed astern of the other part in her match.  With more than
         one penalty, flag up and flag down until all penalties are
         accepted !

15.5: All actions or non-actions by the Umpires, shall not be grounds
         for protests or redress.

15.6: Penalties between boats in different matches will be handled by
         the closest Umpire boat, with identity flag and pointing at the
         penalised boat.  The penalty is sailing astern crossing the mid-
         ship line of the right-of-way boat in the other match.
 

Why not have the fairest and simplest system in the world! Sailors love it!
Just put it in your S.I.!