Maybe reduce watering to survival amounts only during bloom/set and pray for wind? Maybe bamboo leaf rake the drying blooms/fruitlets after starving of water? Stressed trees will not set much fruit. Anything that causes fruit drop will likely not be great for the tree as a whole, I would guess...
What is eating the grapefruit? Rats, rabbits, birds? Feral monkeys? just curious... Maybe you could donate the excess to a food bank. Some will come and pick free fruit. Or you could advertise free pick-yer-own on craigslist or a local harvest type site.
Highly productive grapefruit trees can be a blessing and a curse (esp. the "white" varieties).
B "who loves grapefruit and hates waste" C
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BobsCitrus