It's not quite the same system, as LotHS is a Pirates game based on the LotR-rules (like LotOW).
But there might be some useable ideas in there never the less...
I think there are as long as you and who you play with agree to it.
At some pont and if you are lucky with your crew you might raise enough revenue to build a larger ship or have taken cannon form other ships etc.
I would play it like the large and huge ships in the ahoy rules with the size of the ship equating to buying and fitting out additional extra small ships with the added hit points as would the additonal decks. In reltion to this it could allow more crew.
for example my 30 gun 2 deck ship would be classed as huge it has 2 decks so would need to be paid for as 30 large ships, the guns would be paid for individually and it would allow for 90 possible crew.
also what I like are the Naval guns which prohibit any arc of fire, this would limit the effectiveness and mean you need to get a good broad side. They also require 2 or 3 crew
Another point is the limited turns making them slower which would give smaller ships the edge.
Perhaps when a big beastie like this sails you would give the opposition the ability to bring in other ships either as players or NPC ships along for the booty? so in the above you as the player would have your own ship and have two others as other palyers or NPC.(here I would ignore size)
Just some ideas I have been tinkering with.