For me it would be illogical to try to win the war in a sea battle. A SOL is almost useless in peace time, unlike a privateer or a dragoon/soldier. A privateer can loot their prey for good cash and a soldier can work the fields or loot Indian villages or European colonies, or found a new colony. A SOL doesn't help your economy unless you need them against the European colonies, which I think would not happen in vanilla Civ4Col, the other Europeans being so weak. It would certainly be possible to win a war with a strong navy, but that would not be helpful in developing one's colonies to their full economic strength, IMO.