After spending too many long hours sitting/sailing in the PVP events when the server population is low I came up with the following idea to help custom tailor the last PVP event of the day to best suit a lower server population:
make the last PVP event a sort of "king of the hill" style event where you slowly gain points for being in a certain subsection of the PVP circle
have this subsection zone be small enough to encourage fighting and not much larger an area where you can lose line of sight
have the subsection zone move every 5-10 minutes
get double/1.5/1.25x etc. points for kills gained in the sub-zone
ensure the weather / visibility is always the best conditions in the PVP zone
perhaps decrease the size of the PVP area when server population is lower than X
Thank you!