As cool as a title like "The Dread Pirate" would be, we're not sure whether Blizzard really needs to pass out any more rewards for the Bloodsails (you want something besides a hat and an achievement?). But it will be interesting to see just how titles and other little rewards come into play with achievements. We know that more titles are coming into the game, and since it's super easy to change those titles, you'd think Blizzard was going to give out plenty. "The Dread Pirate" or "Admiral" is not beyond the realm of possibility, to be sure.
I'm still rooting for something like "Boar-killer" or something even sillier -- special titles for folks who have completed all the quests in BRD once upon a time, or a special note for people who have made the switch from Aldor to Scryer. Bloodsail reputation might not be the right place to start putting rewards, but considering all this stuff Blizzard has us tracking, here's hoping we'll see a few obscure titles find their way above players' heads.