Farming for ship equipment with two accounts is fun. I take one of my higher character's, put them in a nearly impervious galleon, park them at the perimeter of the arena, and fire from a distance while my smaller character darts around in their skiff, providing supplemental fire and collecting loot. It has served me well for many years. Granted, with the newest update to the game, regular ships can now fire at multiple targets simultaneously (something previously accomplished only by boss ships) which makes it far more challenging as my skiff can be more easily boarded both by proximity and through more volatile health, but all in all remains a solid solution.
Alas, as misfortune would have it (and usually being the last thing to drop), the hull armor was picked up by one character, but the other character - at that moment - had reached maximum capacity in both their inventory and overflow bank, thus destroying the very thing I was farming for.
Another 100+ ship battles I suppose :/