I am just modding for the first time now. But I didn't get the 1.4b patch until a month or so ago.
I've always gone into ports. Mainly Scapa. It's worth it when you see a carrier sitting there, sure. But sometimes, there is nada, of course.
So for me it was always worth it, in the stock game. But it's not like I sank a prize every time. Not close to it.
But the chances of finding something nice (warship wise, anyway) are better than just out in the open waters, I feel.
Though the ultra shallow waters did start giving me a nervous condition I fear.