Many thanks for your valuable tips! They have cleared up 2 issues already: 1. I don't have to worry about breaking the mast by downhauling; and 2. per Unifiber charts, I note, in the 2019 version, that Simmer RDMs get 1 dot in CC and 2 in FT (FlexTop), whereas SailLoft RDMs (for which the sails are made) have all 3 dots in CC. That is probably a significant difference, taking Mark's point about small differences in curve characteristics making a big difference with cammed sails. Although Sail Loft's website says all sails are made to suit both RDMs and SDMs, it is reasonable to assume that a race sail like the Ultimate would be more oriented to the SDM (which is 1 dot closer to the Simmer's more FT curve from the Unifiber chart). Anyway, I take the point that the mast is certainly part of the problem. Another part (unmentioned in my original post) is that the sail has SDM cams and I only have RDM 400s (Simmer and Ezzy). I have tried the Ezzy, but it looks worse.
About the cams: Sail Loft understandably said the mismatch is a major problem, but the previous owner, perhaps disingenuously, says he used the exact same Simmer mast with the sail and it worked well (claiming that he didn't realise that the cams were SDM). I have tried North cams but without improvement. A key problem is that the middle 2 cams are very long (14 cm) and it would cost AUD280 to get the RDM cams from Germany (none in Australia, apparently) and they say that the RDMs are the same size as the SDMs. So probably little improvement for the money. I think I'll have to live with the SDMs.
Taking your suggestions, I am posting 2 photos of the sail below. They were taken 10 days ago and I've got the sail looking a bit better since then. I've increased the spacers from 17mm to 23mm (35%) on the second cam from bottom and similar percentages on #1 and #3. That is a lot more than the recommended maximum of 10mm, but it has reduced the folding problem without hindering the cam rotation. I might try another half spacer (2.5mm) but might start to hinder rotation with that. I should say that the folds on the windward side (as shown) are not so much the problem, but they are just as bad on the leeward side and sail theory suggests that is more of a problem. Anyway, I would be delighted if you would look at the photos and offer any further suggestions. Thanks again for those already offered.