Yes, it finally works!
Of course at first the graphics were really messed up b/c it would only let me play at 800x600 Fullscreen. Then I remembered that this was a known Mac issue from before the update (although I never had problems with it) so I switched to Windowed Resolution and the problem was solved!
The graphics are still a little jerky when running, but not too severe. I have not had any trouble sailing, but then again I never did in the past.