[artdutra04]

Solution: make the person who dreamed of this scenario walk the plank then put everyone else in the lifeboat, where they would suck it up being uncomfortable having 11 people in a 7 person lifeboat until either rescued or drift onshore.

Since the story is also loose on details, generally crippled != sunk. If by "crippled" they mean irreparable propulsion (engine, sails, etc) damage but with no structural damage to the hull, then why even leave the boat? But if there is hull damage and the boat is sinking, then at that point gather as much floatable objects at once and make a quick ad hoc raft to carry the other survivors and as much food and water as possible. If the boat is slowly sinking, and everyone and everything is in the lifeboat and/or makeshift rafts that's worth saving, then light the remains of the ship on fire before it sinks away. The plume of smoke will be visible from a long ways away and might help your case of being rescued if spotted by other boats or aircraft in the area.

Besides, this is pointless. Anyone on a real sinking ship is going to live in the moment, and not give even the slightest thought to who would help them survive longer if they drifted onto a deserted island. At that point it would be women and children first into the lifeboat.