Yep, Commander will let you give as many medals and badges as you like. It will also give you an endless variety of crew names, let you have a historical-length career if you like, give historical names to the merchants you sink (along with cargo and crew information), make you prey to malfunctions and sabotage (if you want), and let you adjust a great many in-game parameters (like wave height, gun reload times etc).
It's the single most important addition to the game, no matter what mods you're using.
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“Never do anything you can't take back.”
—Rocky Russo
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