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Yes you can sink any enemy ship that way even with a reg sloop and maybe a lite, but I haven't tried it - its tougher with enemy sloops like the corsair and predator . because they can out maneuver you if your not on the ball (and as you experienced, the corsairs explosives are murder). It's riskier then other methods, but thats why its fun. I don't always use that method, just with the sloop and some times a frigate. I'll use a method much like yours with the galleon and the frigate. I rarely use this method with a crew, unless I want to get rid of them lol. I get bored with the distance methods pretty easily.
One factor also is gold is rarely my motivation. My motivations are in order: fun, rep and questing, either for myself or friends and guildmates. If I'm helping others get rep I use the frigate first then galleon , helping others get gold galleon first then frigate. Solo questing, or rep for myself, usually the sloop. Just for fun, going after the big ships on my reg or war sloop.
EDIT: Forgot to answer your question - tho I answered indirectly before - to get gold in a hurry and hence get your war fleet sooner - yes I agree go with reg galleon till you can get a war galleon and take it from there. Actually, I think the question was - is a sloop worth it. That varies depending on your goals and preferences.
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