I hadn't tried this for a while and felt like having a mind candy experience. The first try was a reminder of the importance of terrain (i.e. I got hosed). In other words, there was good defensive terrain for the REF so I got badly chewed up trying to attack. It also took more turns than planned basically because the natives preferred to give maps instead of money, and treasures were found too far away to cash them in.
The second time was successful, but I'm reminded that things don't work quite as explained. I got off to a fast start and declared on Turn 28 or 29. I had surplus cash so I had a third caravel loaded with cannon en route when I declared, but it got sunk en route...my only losses. The REF started with 9/5/5 (Infantry/Dragoons/Artillery) and landed 9 units on Turn 30 with most of the units in the adjacent native village, making them cannon fodder, with three units in light forest. My 2 dragoons and 6 cannon went 8 for 8, leaving one soldier. That one didn't attack, but moved into jungle, where I killed it. So by Turn 32 the REF was down to 3/2/5. Then the Royal Navy milled around for a while, so the next time I got to fight them was Turn 42, after which they had 0/0/2. The stray artillery landed two tiles away on Turn 43 and died on Turn 44.
So what doesn't work quite as explained? To maintain 100% I had to leave the two indentured servants in the town hall, then convert them to dragoons and attack after the REF landed. After the first wave I forgot and left them as dragoons, by the time I noticed this (about Turn 40) I was down to 71%. I hastily put them back in the town hall, so when the second wave landed I was back to 80%. That proved adequate, but my units did take more damage from fighting the second wave. Since I left the dragoons while waiting for the last two artillery, my percentage dropped to 74 by the end. [This would have been harder with PatchMod, because that prevents attacks by instant dragoons. This would flatly not work with AoD II because the starting REF is triple the size, though it grows more slowly...I'm curious what my fastest could be there. Buying (say) 18 cannon would be prohibitive!]
Anyway, I enjoyed this exploitation as a change of pace. If the second wave had been quicker this could have been *really* fast. As it was, I finished in 1536 with a normalized score of 7790 (Revolutionary, Standard, Normal, Patch).