If you pull your jib up until the luff is stretched taut, that is the first step. If, at that point, the head of the jib does not yet touch the jib block at the mast, you can, in principle, stretch the jib further, by increasing the tension on the halyard. (If the head, or the knot/shackle attaching it to the halyard, touches the block then your jib is too large).
If you sail in winds 8-10 knots and above you will begin to notice slight scalloping of the luff of the jib. The more tension you were able to put on the jib halyard, the later these scallops develop. My jib tensioner is a small block with a hook that hooks into a Prusik knot that grabs the jib halyard and adds tension. Because the hook has a block on in, it acts as a 2:1 purchase, which is largely sufficient. I cleat it off on deck. With it, I can add enough tension to pull out the scallops. My jib has a wire luff that is able to take over from the forestay: as I tension the halyard, the stay itself goes slack and becomes redundant.

My horn cleat in the jib halyard is very slippery. It's impossible to really tension the jib as belaying seems to always result in a small slip. So, I start my tensioner at minimal tension, effectively. You are correct, in light winds, you don't want to add much tension to the luff, even without allowing big scallops to form. You want a little bit of overall "sag" in the forestay or luff.
(One future mod will be to move the base of this closer to the mast - the separation of the halyard from the mast is not ideal).
For the main, I tend to adjust the luff tension mainly through the Cunningham (off in light winds). I haven't felt like giving additional slack on the halyard, but maybe I am overtensioning the luff just by the basic setup? I seem to do fine in light airs with what I'm doing (lots of those around, so easy to practice).
Maybe somebody else has some thoughts?