I'll take the liberty of throwing in a few thoughts here. These are, of course, personal opinions; take them for what they're worth. They're based on about 57 years of ship modeling experience.
I long ago gave up on "set" sails. There is, to my eye at least, just no way to do them effectively - at least on that scale. In the maritime museum where I used to work there were several enormous models on scales of 1/4" = 1' or larger, that had impressive, believable sails made from individual strips of cloth. And a number of excellent modelers have gotten great results on models in very small scales. But I've never seen a sailing ship model in the 1/100, or 1/8" = 1', range with set sails that looked at all convincing.
Remember that, as thin as those vac-formed plastic sails are, they're far too thick for the scale. A piece of canvas that's 1"4" thick is a mighty thick piece of canvas. On 1/100 scale, a 1/4" thick object would be .0025" thick.
Another problem: the typical sail of 1805 was made up of many pieces of fabric - some of them thicker than others. The canvas typically was manufactured in strips about 2' wide (i.e., about 1/4" on the scale). Think how many 1/4"-wide strips it would take to make even on sail of the Victory to scale. Maybe it could be done - but not by me.
Most sails on models lose their effectiveness because of lighting. When a real sail is illuminated from behind, all those dozens of seams between the cloths become highly visible. Thicker sections (reef bands, reinforcements, patches, etc.) show up prominently in silhouette. And, oddly enough, objects behind the sail (between it and the sun) show up in silhouette as well. I've never seen that effect duplicated on a model.
I'm a big believer in furled sails. Here's a link to an old Forum thread in which I discussed that idea with several other people - and suggested a technique involving silkspan tissue, white glue, and acrylic paint:
http://cs.finescale.com/fsm/modeling_subjects/f/7/t/33775.aspx?sort=ASC&pi240=1 .
And here's a link to some pictures of a model I built with furled sails:
http://cs.finescale.com/fsm/modeling_subjects/f/7/t/155391.aspx?sort=ASC&pi240=1 .
To my eye a model with furled sails almost always looks a lot better than one with set sails. A 1/100 Victory with set sails would look like a big, room-dominating cloud; the sails would divert attention from the rigging and all the stuff on the hull and decks. And my eye (speaking personally again) always asks an unanswerable question: Where's the wind coming from?
A ship with lowered yards and furled sails, on the other hand, to my eye projects a look of latent power - and realism. The functions of all the rigging lines are clear (as they wouldn't be if the sails were omitted), and the eye is drawn to all parts of the model more-or-less equally. The overall shape of the ship is obvious; the sails don't obscure anything.
There's also a lot to be said for leaving the sails off altogether. In that case I'd suggest thinking about leaving off the rigging lines that are made fast to the sails (clewlines, buntlines, sheets, tacks, reef tackles, reef points, etc.). A model with no sails can look really spectacular.
Again, all this is a matter of personal opinion and taste. But I hope all will agree that it's worth thinking about - carefully.
Good luck.