Emmisary flags by themselves are worth a lot too, so even non-Reapers seeing you with 1 makes you a target. I don't know their worth by heart, but I think a lvl. 2 or 3 was like 6,000 gold if stolen.
On the flip-side, most don't take advantage of the lower levels which still give you bonuses. Level 2, with a 1.33x bonus and a level 3 with a 1.66x bonus, for example. Even if you're eventually sunk, as long as you turn in often, you can still turn a profit compared to not having it.
Some crews will even wait until you have more and not attack you outright. For example I was sailing as a solo PvE reaper the other day, and after 2 hours, I decided to turn in at level 4 for fear that someone would attack me. Sure enough, even though I wasn't level 5, a brig swooped in half way during turn in, and ensured that they got what was left.
I think a lot of pirates just need to get over 2 things:
- Losing their flag, and
- Waiting to turn in at level 5.
If you lose your flag, it's really no big deal - as long as you've paid with loot more than the amount of your current flag's level value when turned in, you've still profited. For example, turning in a level 5 flag nets you 5,000 gold, so as long as you turn in enough loot to surpass 5,000 gold, you shouldn't worry about losing the flag afterwards.
Sure there's a risk with waiting to turn in at level 5; this is why I think pirates should turn in at lower levels. You can still get a decent profit and simply make up for it later. You're also less likely to be attacked for the reasons stated above.
Emmisaries are around - while there are reasons for why they may not want to sail, just this morning I found a server with 1 reaper, 1 OoS, 1 GH, and 1 MA. They do exist. 😉
"Fortune favors the bold!" 😁