I think it's very metaphorical ...
Written by Tracy W
(9/26/2005 5:48 p.m.)
in consequence of the missive, Me too, penned by Ann2
... in the sense that it's not closely connected to any real event. It's like "painting the town red". I think Admiral Croft is saying Sir Walter is never going to do anything brave or exciting, but there's no harm in him.