Yes, you are correct. BTW, I am starting with a Revell 1/96 kit.
The waterline and below is the part of the kit I want to keep--some difficult to repair cracks have developed in the kit's gunwales. I believe that this is the portion of the hull that is similar to the Cutty Sark's.
I am interesting in making an RC model, hence the paddle wheels (far easier to water proof). I have access to a 3-D printer, so making sturdy spiders, etc. should be pretty easy. But I need some details (ugh).