Frigates are stronger than privateers.. privateers however are useful for well..pirating, you can attack other nation's ships w/o directly declaring war..somthing you cannot do with frigates. Frigates can occasionally win over a Man of War, so a few are good to have around during the war for Independence.
MM no thats usually not a good idea at all. Build one, buy one or get Drake(i think) whichever FF gets you teh free one. With the king's frigate it means your tax rate goes up like 5-10 precent.
Privateers 99.9% of the time. Piracy will cripple every other colony power out there. And you are then gaining trade items that you can:
1) sell to Europe
2) load on your own boats back to your colonies (horses, muskets, favored native goods)
3) GIVE to the natives for additional peace.
Yes, frigates can do the same thing to a degree of four instead of only two cargo holds, but you definitely have to be at war to do so. This way at least you can skimp slightly on the defense while still getting your passive-aggresive digs in.
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