Infinite oceans and procedural generation do add another layer of complexity, though.
Instead, you could do the wraparound Pac-Man style. That would be really easy to implement. Add trigger colliders North, South, East, and West. When the ship enters the East trigger collider, change its position to the West edge. If there’s enough empty sea near the edge, the player won’t see any islands pop suddenly into view. Depending on how detailed the rest of your simulation is, there might be other things to clean up. If it’s always noon, you don’t need to worry about the position of the sun. But when you teleport the ship, there will be an abrupt one-frame change in the water rendering. You could mask this by surrounding the trigger collider in fog.
Whether you want to do wraparound or not is a good design question. Depending on your game world, you could contrive reasons for boundaries – a dropoff at the edge of the world? rocky cliffs surrounding an inland sea? sea monsters?
Implement one game mechanic at a time – for instance, maybe just sailing around without worrying about landing on an island and getting around on foot.
If you have the budget, you can get a head start on a lot of the rest by taking advantage of the Asset Store. If I wanted to get something playable in a weekend, I’d probably buy some of island models and a combat-oriented controller like Opsive’s Third Person Controller. There are also terrain tools for making your own terrain, which is usually easier than sculpting terrain by hand and produces a better result. You can always fine-tune the results by hand.
Getting back to design, use reference material, even if it’s just Google Images. You don’t have to replicate them exactly. You could get inspiration from the lighting in one image, the terrain shapes in another, and the texture colors in a third. But don’t just go into your terrain tool and start sculpting without a model to follow. It’ll take forever as you go back and forth undoing things, and you won’t be as satisfied with the end product.
Get things working as quickly as you can. More likely than not, you’ll end up redesigning a lot of it after you implement it the first time around. You may decide that sea is more fun than land and cut the on-foot part. Or you may determine that you want bigger islands and you need to divide it into multiple scenes. But we all need to go through those learning and exploration steps first. One of the keys is to get there as quickly as you can so you can get to where you really want to be.
And have fun! 