Hi! I'm new to SHIII and just joined here to get to know this game it's mods etc.
And this is a brilliant idea! There are a few things I'd like to point out: First of all you should consider the length of the text displayed. It should be long enough so that reading it would last approximately the whole loading time. Another thing is the background. Are you going to leave it like that (in-game screenshots)? It would be extremely cool to use real photographs of the era, perhaps so there would be different sets of photos for every loading screen, matching it's text.