Playing a salvage only (no ship buying) run is very fun. Usually coupled with a pirate run.
I don't have the heart to use my people as "meat ammo" on a junker fleet which is like a horde of zombies which makes up it's casualties from the corpses of enemies.
Yes, the crew losses (even though lowered with a skill) are sad. Those brave pirates! I can second the playstyle being really fun though.
If you go all industry, the D mods aren't all that bad (half impact). Lots of medium performance, free ships is pretty neat: most recovered ships have between 2 and 0 D mods (if they didn't have any before), which with the skill lowering the effects really isn't that bad. Increased Maintenance is actually a net
benefit if you fight often enough (roughly once per month). Fleet growth with the skills is both staggeringly fast and also cheap (fleet growth outpaces bounty progression by a very large margin). Its also a rather nice feeling when you recover one of your own exploded ships, only to find that it has no damage and gets ~20-40% CR and hull back.
Unfortunately, without some settings tweaks the style falls apart late game because of the 30 ship limit: Not because you actually want to use more than 30 ships, but because the maximum number of ships available for salvage is capped at (30 - your fleet number), and the selection is random. So if you have 20 ships and fight a full 30 ship enemy, your chance of recovering the wonderful capitals/cruisers is reduced by 2/3! Booo. Its an easy enough fix, but still, annoying.