One of the reasons I moved back to EOC is that I'm skeptical of 07's future. Sure, the player base may hold somewhat steady for a while, but it's hard to imagine a brand new player choosing 07 over EOC. Especially with the impending release of RS3 and a new skill.
Maybe someone else can chime in as to what is considered most efficient. I did single-stat crew > 4th ship > rudder > hull of glory > JoDs > deck upgrades > Jade merchants. I debated getting the rudder first, but the speed improvement is only 200.