I was asked to post what I have equiped on my Falcon Naval Frigate, so here it is:
General Outfittings:
Odyssaus's Cannon Modification 2 - Accuracy, ALL +5
Explosive Powder 1 - Damage + 10%, Crew Damage Resistance -7.5%
Reinforced Gunports 3 - Broadside Armour Integrity +17.5%
Sail and Rigging Mods:
2x Large Speed Rig 3 - Maximum Ship Speed, Battle +8%
Cannon Mods:
2x Large Accuracy Gun Rig 3 - Accuracy, ALL +8
Armour Mods:
2x Large Reinforced Hull 3 - Structural Integrity +12%
Still playing about with things though, but accuracy seems to be the winning thing.
EDIT: Forgot to double the values where there were 2 of the same type installed.