Proper rake for light wind should be at the top of the transom, maybe even an inch forward on the deck or so. For a blow, rake it about halfway down the transom/to the top of the lower gudgeon.
This is the setting I've settled on for the general purpose all-around setting. Really woke the boat up after trying to make more rake work for it. Having the mast raked a bunch only seems to work for us if it's blowing. But then I also use the gen 3 rudders, sail heavy, and bend the spin pole quite a bit to get the right luff tension on the spin.
