I found some more data on drag/inertia.
The build now has a drag coefficient of around 0.0025, based on what I see about modern ships (one of the debug menus says 0.008, but that slider does not actually do anything at the moment). But I've found that the original book on the subject, "The Resistance of Ships" by William Froude, is available at archive.org:
https://archive.org/details/resistanceships00frougoog/page/n13
The first part describes tests done on HMS Greyhound on 1871. Greyhound was a wooden screw sloop, launched in 1859, about the same size as the frigate in APO but lighter - it's listed as around 1000 tons displacement in the tests, while the frigate is around 2000. I think it's reasonable to expect it to behave similarly to the frigate . Presumably 50 years of technical improvements give it a lower friction skin, but on the other hand there's the screw sticking out (I'm not sure what this was doing in the tests - the ship was towed).
The download is missing the diagrams, but there's a description of the results on page 16. At speeds where wave resistance is not an issue, the drag in lbs is 88*V^2, where V is the speed in knots. At 1m/s (very close to 2kts) that gives about 1500N of drag. Taking the weight as 1000 metric tons, that's a deceleration of 0.0015m/s^2. So to reduce the speed by 0.5m/s would take at least 330s, more than 5 minutes, and that's ignoring the big reduction in drag as you slow down.
The drag in the released build of APO is pretty close to this, but the ship will take longer to slow down as it's heavier. Greyhound had a wetted area of 674m^2, giving a drag coefficient of 0.0044. Putting this into APO will give a bit higher drag (I need to think about how I am calculating wetted area), but still on the order of minutes to slow down.
It might be interesting to play with yaw instability here. Increasing the instability should tend to make the ship turn from straight, slowing it down a bit faster, but also making tacking easier.