Navigating with the current set up is fine providing you can use the following
1, Map,
2, Topography of the main land and islands
3, Visibility is good
4, Use the compass
5, You don't engage an enemy and your current reckoning is not totally put out
I personally find that when ever I lose site of land I have to rely on the compass alone which is chancy at best. I think the use of a noon day site (mini game) or loner reckoning and being able to plot on the charts you have would help a great deal and especially with long distance travel and or trading runs from port X to port Y on the other side of the Gulf of Mexico.