I have no idea how I've missed this little gem before. I've just started using it, and it does make things more, ah . . . interesting.
I'm not worried too much about awarding crew medals, as I can always do that via SH3Commander. Same with regards to promotions. And since I run with a "no fatigue" settings (that feels lame at times to me but I've little choice since I play WAC, and TC of 32 or less for hours is not uncommon) medals serve little actual game play purpose for me.
I still get indications of when a ship is sunk (close range, at any rate) though, but I don't see ways of avoiding that: The crew cheers; I get the message of "Following plotted course!"; any locks --attack periscope, observation periscope, UZO-- immediately unlock, or are unable to relock. Outside of visual range, though, I have no idea if a badly-damaged ship, or aircraft, finally succumbs.
So far, so good!
Update: Found out --the hard way, as usual!
-- that if you use semicolons in the comment section, you lose seeing everything that follows. It's still there in the log(s), but it won't appear visible in-game when viewing the log there.