I'm not saying it would be easy, and would still be a rather epic battle, but it would certainly be possible
You're certainly right chain isn't as good in 1.5 but that doesn't mean it's bad either. In 1.4 you could take ships out using just chain shot and they'd surrender, which doesn't work now. What it's useful for (especially against larger fleets like the one in the screenshot) is taking down the rigging of each ship as it comes at you, sailing away abit, then taking down the rigging of the next one. When you've finally slowed them all down (will take some time with 20 of them

) you can start hammering them with round shot one at a time to sink/surrender them.
It may seem like a slightly cheesy tactic but I personally see it as using chain shot for it's intended purpose - slowing down ships and removing their manouverability, thus ensuring you always have local naval superiority. I've had some great naval battles (most won, some lost) in the 1.5 campaign I've been playing and really like where naval balance is currently.
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