A similar approach to Reaching Out and Back is the Vanderbilt Start. The only difference between this and the Reaching start is that in this approach you set off on a broad reach. You then tack or jibe onto a starboard tack to head back for your start (incidentally the route of this approach is the same as the one I take when performing a man overboard drill).
This start is trickier to time than the Reaching start because the speed of the reaching and beating legs will be different. You are also likely to have less room to make the turn because the water behind the line is busier than the water off to the side of the line. This crowding means that it is a better choice when match racing than fleet racing.