Normally the sail would have eyes (or some modern ones have a zip) to contain the rolled up excess sail.
I guess the procedure would be something like....
- Attach a new sheet to the higher cringle
- Ease sheet if sheeted on hard
- lower halyard and attach new tack to deck shackle
- tighten sheet and halyard
- bundle up excess sail like you would a reefed main
here is a good discussion
forums.sailinganarchy.com/index.php?/topic/112991-reefing-jib/