Stephen,
I wouldn't hesitate dropping down to 7/16" line. The halyards for the main and headsails really don't sustain as much of a load as you would think. Once the wind loads up the sail, the slugs in the sail track, or slot for the bolt rope in the case of furlers, are carrying most of the load along with the sheets. It's lateral pressure on the sail not vertical load on the halyards. It's one of the reasons you have difficulty raising the main if you're not dead into the wind.
Additionally, the materials, coatings, abrasion resistance, construction process etc., of the lines manufactured today are substantially better than those of years past. I would venture to guess that the 1/2" lines used on sail boats in the 70's, 80's and even into the 90's weren't much stronger, if at all, than today's 7/16" high tech lines.
If you think about the running rigging on most boats, it's continually subjected to ultraviolet degradation, abrasive salt intrusion etc. and in typical sailor fashion we try to keep them in service for as long as possible. What's the tensile strength of one of those lines? Very rarely do you hear of well maintained lines failing, more often then not the sail will blow out first, a shackle will dislodge etc..
Manufactures also have a safety margin factored into or above what the rated tensile strength is. With a thinner line you'll also get a bit less friction if you have multiple changes of direction and less bulk.
As Paul mentioned, even his rigger wouldn't hesitate.
Cheers,
Nick