djrost_2000 - sounds like your reactions to the kit are about like mine. Does yours have those blobs on one side where the entry port steps are supposed to be? One hull half of mine is fine, but the other seems to have come from a defective mold.
I fully agree that the lack of proper carriages on the upper gundeck is unfortunate. On the other hand, they'll be barely visible on the finished model. (In order to see them you'll have to look through the gaps between the ship's boats.) If I were doing it, I'd be tempted to try painting a black line around the base of each "carriage" and then add some "trucks" made from slivers of plastic rod. I haven't tried it, but suspect that approach would give an acceptable result. Paint covers a multitude of sins.
The "dummy carriage" approach actually does have something to recommend it. I can recall, on similar models, letting loose some bursts of obscenity when rigging lines got hooked around gun barrels and, before I noticed what was happening, yanked the carriages loose from the deck. If I were building this old kit I'd probably leave those barrels off until I was almost finished, and slip them into the dummy carriages from outboard.
Regarding the figurehead - it's been a long time since I looked closely at either kit, but my recollection is that the Airfix figurehead is (a) beautifully executed, and (b) too small. I wonder if it might be possible to graft the Airfix figurehead onto the Revell kit. Alternatively - if my memory is correct, the Revell figurehead's big problem is that it's flat. The two cherubs holding the shield are supposed to be oriented at 90 degrees to it. If one were to cut the cherubs loose from the shield and cement them to the sides of the head knee, a little additional work with filler and a careful paint job might solve the problem. Again, I haven't tried it, but it looks to me like that approach might work.
Most modelers seem to have forgotten about this kit, but it's actually quite a good one for its size and age. The
Victory, of course, is an enormously popular modeling subject. Over on the Drydock Models website we recently had a discussion about the various kits that are available; there are at least a dozen. In my personal opinion four of them are worth consideration as the basis for serious scale models: Skytrex (white metal, 1/700), Revell (plastic, about 1/220), Heller (plastic, 1/100), and CalderCraft/Jotika (wood, 1/72, price about $1,000). The 200th anniversary of the Battle of Trafalgar is making Nelson and the
Victory big news at the moment. Maybe we'll see some more kits.