Missileman2000! Well, hello there!
Yeah I have done this many times. Problem is there isn't as much variety in Plastic expecially in the smaller sport boats and what's available in plastic is crap! Now if you like Freight ships and Passenger vessels like me, paper is the way to go and Yes, you can fudge with P.E. for that knockout look!
Revell has the Colombia Express in 1/700 but I have a few container ships in 1/250 thanks to paper! Plus, the 1/200 Andrea Doria and The Stockholm! the Ship Bremen(A Cruise ship now) has endured through many of it's succeeding generations in both plastic, pewter, and resin. Now the most modern version is 1/200 in paper