It could work. If each side had, say, a single wolfpack which spawned and behaved just like a fleet - albeit much slower, then the trick would be to vector the wolfpack close to where you think an enemy fleet might be later. Or you could use it to protect a channel or field.
Not exactly furballing - but still...
There was an idea some time ago that naval planes, such as the Condor, PBY, Sunderland etc. could 'spot' an enemy fleet. When this happens then an icon appears on everyone's map to show where the fleet was spotted. This icon would last, say, 10 minutes before disappearing. It wouldn't move with the fleet so it would become quickly out of date.
These planes, especially those equipped with the millimetric radar, could also spot a wolfpack and maybe even attack using depth charges.
This would give us a role for naval planes. Currently fleets are spotted and reported by typing usually so I can't see it unbalancing anything, although I can't see many people using these planes except in special cases anyway as they didn't carry much of a load and frankly, most of our 'seas' are pretty small and fighter cover is pretty extended.