I'll try to make pics of a completed one (with the original stickers on it and with masts & sails) this evening or tomorrow, I'm not having much time this week.
A (somewhat) customized version is already to be seen in the thread "Black Prince".
@ Black Pearl:
No, I haven't tested it yet in water (it didn't even occur to me to test that when I was assembling it, as my ships are mostly intended for display & making settings
).
It will certainly float without the ballast, as it is lighter then a 3940/3286. Like you say, when adding guns, cargo and crew that's a different story.