Yes many of us play this way. We like to call it Dead is Dead. When I get killed I start a new campaign with a new name. I think I'm on my third time out from base as a new captain.
Also once I come in contact I go real-time. This usual takes hours of play once I call battle stations.
You may also want to try Real Navigation. This takes you sub mark off the map. I do this but I have my navigator get me a fix every 12 hours using celestrial navigation. I use dead reckoning for more frequent marks.
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