i actually tested this out but i have no idea if the guy on the other side was glitching. I pulled up alongside his war frigate with mine and i started shooting him with grape shot. the best was seeing the damage points displayed!
then we got in a grape shot one on one battle which quickly elevated to a cannon ball battle then lightning. after dying like three times he finally sunk me (d'oh!) but i gotta say it was good fun.
I agree that this strategy is good with a good crew but risky and almost foolhearty if solo and against a ship with a crew.
so the lesson be...go out with a good crew and you can beat anyone straight up...or glitching