I finally took a look at this mod; and so far I really like it, other than it being insanely hard to wrack up more than 400 denars in the first three hours of playing or so, without dieing and losing loads.
But I've found one glancing error with the combat system. I went to test out one of my new galleons (one of them... Ships are way easier to get than denars in this mod XD). I tested my galleon on a ketch, and a galleon has 40 cannons, whereas a ketch has 10. I started with 200hp and got knocked down to 80 playing shot-for-shot with the ketch; this means that I took 12 shots, 12 x 40 = 480. If I recall correctly, a ketch has 100hp. So, if I've done 480 damage, why hasn't it sunken yet?
I resolved the battle by closing in and slaughtering them with some boarding action, but I really wouldn't mind sitting back and blaring away at my opponents with heavy artillery -- so long as they actually DIE some time. =)