Hello Mark:
You need to bear with me a little. As most know, I am dumber than dirt and very slow to learn. My thinking takes a few minutes to put down on paper (or computer).
That said, my thinking was that with a cam cleat port and starboard for the jib sheets it will be easier (and quicker) to be able to adjust the jib sheet(s) and will be easier to release the working jib sheet during tacks and jibes.
I have one continuous jib sheet that is secured at the clew of the jib with a Lark's Head knot (at least that's what I think it's called
).
The Harbor 20s I "race" (you can hardly call what I do "racing") have a very similar set up with a working jib (although the Harbor 20s also have a furler and blocks at the jib clew). I have been comfortable using these cam cleats during our races.
A very experienced sailor at the local sailing club has configured one of the club's Ensigns with a similar set up. The only difference is the Harbor 20s and the Ensign have small blocks at the clew of the jib (and the furler on the Harbor 20s). I had thought of installing blocks at the clew also to allow for less effort in adjusting the sheets but decided it was not really necessary. If I recall correctly, Mr. Vigor persuaded me it was really not necessary. He gave good advise - as usual.
My current procedure is as you have described it in your post. The working sheet goes through the track fairlead on the coach roof then to the winch (2 wraps) and then around the horn cleat on the coaming.
Remembering please that I am a "tadpole sailor" who single hands 99% of the time I found it somewhat uncomfortable and time consuming to reach over from the windward side of the cockpit, grab the working jib sheet, unwrap it from the coaming cleat and then unwrap it from the winch. It just seems like it would be easier to pull up on the working sheet to release it from the cam cleat to make a small adjustment in the jib or to release it and tack over (or jibe).
I also thought of it as a safety issue. Should I suddenly get very overpowered, I could quickly release both the jib sheet and the main sheet with just two quick upward pulls, and come up head to wind and figure out what "HE double hockey sticks" just happened.
That's my story and I'm sticking to it.
I would be VERY grateful for your thoughts (and those of others on the board) and suggestions on my thinking and procedures. I have much to learn. It is a very steep learning curve and I ain't a quick learner.
To avoid making another unnecessary post, "Sloopjohnl" suggested drilling larger holes and filling with epoxy. I will do this.
What do board members think of West System Six10 Thickened Epoxy for this purpose 
