The maximum available 2D Cl (Lift coef) will provide the maximum Apparent Wind Speed which would match the max righting moment for an Elliptical Lift Distribution.
Um, no, that isn't right. It's not even close to being right. You are going to have to specify a relative heading (AWA10 @ 10m), a wind speed gradient = f(height), a boat speed/TWS10 Speed Ratio, and a Cl/Cd curve right upfront. AWA = f(h,TWS10,TWA10,SR) and AWS = f(h,TWS10,TWA10,SR). First solve for the TWS10 and TWA10 using AWA10, h=10, and SR, then compute the AWA(h) and AWS(h) at each height. Then you can find the
appropriate Cl and Cd as a function of height for this one condition. Then you can compute the side force, heeling moment, thrust force, and trim moment as a function of height and cord for this one condition. See figure 5 in
OPTIMISATION OF SPAN-WISE LIFT DISTRIBUTIONS FOR UPWIND SAILS by Peter Richards et al. Now, and only now, do you have an RM for the elliptical case that you can use for comparison. (And when making that comparison, do you want to use TWA10 or AWA10 for equivalence?)
Once you have that, it is only a little bit harder to incorporate some hull hydro numbers (which adds hull trim, RMmax as a function of heel angle,adjusts h as a function of heel angle and includes a nonconstant Speed Ratio) and produce a primitive VPP. This lets you compare setups with different TWA directly in terms of VMG.
The terms listed are all significant, and the rigs of even primitive craft have controls that provide huge variability in span loading. Optimizing for one operating point is fun, and on point for a record attempt in Namibia, but designing a rig that has enough versatility to always get you home is more relevant most of the time. I guess with wind surfers, you can just take ten different ones with you, but probably not with an A-Cat.
<edit> I seem to have left out the bit about where the elliptical loading comes from. After solving for the appropriate Cl for each height, find the cord that maps this to the target elliptical lift distribution. For want of a better approach, I define the target vector everywhere as aligned with the total aero lift vector, then back into the twisted local lift vector. Short of preserving higher order terms in the Trefftz plane, that's the best I've come up with so far. So it's an iterative approach because the total aero vector changes as you recompute the cord.