The currency should be changed to the Spanish dollar, the real del a ocho (piece of eight). This silver coin was legal tender with any nation at the time.
I think repair modules and survival mode should be merged into one. Sailing crew mode should also be given a buff so that each of the crew modes is as useful as gunnery. A captain should be contemplating switching modes several times a minute
Im not sure about everything suggested but I like a lot of it. Mostly, I totally agree the 'chase' requires speed variation and a skill based approach which gives you that 'thrill of the chase'.