Jordan,
in fairness to the Blaze they are good when its windy and rubbish when its not. The hull sticks in the water like glue and a Phantom will sail away. When its windy its the other way round. If you want more info on Blazes please approach their website otherwise you may receive an answer that does everyone a disservice.
As said by Alistair you are most definitely on the light side for a Phantom and even with a cut down sail you will struggle in almost all winds, not impossible, but it will be a struggle. If you really want to do the Phantom thing buy an old one to try it out, don't spend too much only to find that it is too much and you need to sell it again. Another method is to try one out. Get somewhere and have a go in one, you cannot beat experience in a boat. The difficulty will be in finding someone to let you.
Further on the sail thing, well I guess that you would only be able to use it at your club and it may not be within the rules. I cannot remember the class rules on cut down sails, but I think the only ones I have seen are about 90% full size, not a lot of difference really.
I think that your best option is to start eating loads of pies & curry and get some weight on. As long as you are fit even a lightweight can propel these things at some speed.
MaxiB