Based on what I was able to do in the Fantasy Empires Mod, I'd say, YES, it is definitely possible to mod se4 into a real-world naval game. There are some hardcoded things that can't be modded, but I don't think they detract too much from the immersion.
Fyron hit the nail on the head when he said:
Quote:
Imperator Fyron said:
The bulk of the work will be in creating the components and hulls and such.
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Don't underestimate the amount of time this takes. I basically just cut-n-pasted images from the web for components in my mod (see link in sig), and it still took a very long time to do.
Also, debugging some of the .txt data files was a lot more troublesome than I though it would be.
All said, you'd probably be hard pressed to get the mod out before SE5 ships, especially if you are doing most of the work yourself. (depending, of course, on the complexity of the mod and your amount of free time.).