At this point, I think all the points have been expressed already and in a clear and concise manner. I started this thread in the vague hope someone from the company reads it and considers doing something about it - the thing to bear in mind is that silence is usually taken as assent. So, if something ridiculous happens, it's always prudent for the community to respond and record it's objection.
The event is starting in a couple days on regular servers, anyways. Within a month and half, the Captain's set items will become salable on the market and people will start upgrading. Then, three months later in Xmas, players will do more upgrades. After that point, the real impact of this set on battles will be there for everyone to see, and that will be the best and most irrefutable evidence on how OP it is, more than any number of calculations can express. Let's see what shape things take then, but ultimately I feel everyone concerned will lose.