I always play Dead-Is-Dead, unless I'm killed by a game malfunction. I like to keep a series of careers going at the same time - one from each available flotilla at the time. If one of my captains dies I start a new career at that same time and place. That way I follow the war from several perspectives.
That said, I've currently been so busy that I haven't had time to play in longer than I can remember. Asking for advice and ideas is fine, but in the long run you have to decide for yourself which method best suits you. There is no right or wrong here.
