In my personal opinion, i don't see Range as "significant restriction", i have created BC with decent armor, mobility, many bulkheads and armament and with Very Long range, of course i achievied that because of good armor type, good engines etc that lower the weight but still, in current state of the game, range would be problem in early stages of the game, later on with new technologies, it would be much easier to build a decent ships with big range.
Besides, range would only matter, if you are playing as spain (for example), and you are at war with China, then you need to build ships with big range indeed, OR have a ports that can refuel your fleet.