Is this a question about the merits of that particular fleet, or a question about what to buy?
If its the latter, I think you will have a lot more fun with the game if you buy a variety of ships that allow you to play different sizes and types of engagements. This isn't a GW game where you try to buy only the leanest and most efficient army you can.
For example, the first thing I did was buy all the ships necessary to play the historical scenarios included in the book. Then I started buying extras according to what I thought was "cool" and what was available historically.
If its a question about that particular fleet (which I assume you mean 5 point and not 500), I sure one of the Royal Navy players on here can help you out. I have a fairly big RN fleet, but mainly use it for historicals/quasi-historicals.