I'm picturing the boat from the end of Pirates 3.
-A single sail rope that can be controlled in an up/down/left/right fashion
-just one deck
-A cannon that can fire 360 degrees either on the front or back, same with the hookshot but on the other side
-the anchor can just be a "hold" prompt, hold to drop and hold to pickup
-as an added bonus/safety feature the boat can be breached
-with the small size there could be 16 slot item storage like the rowboat, also just one frying pan
-speed wise it would be slower than the sloop with the wind, but faster against the wind
-steering would be just the rudder but it's small size makes it very nimble
