Some of it's not started yet, but plans for research RP and diplomacy as an individual faction are in the works. The same traditional guideline of not ganking unless stated otherwise remains the same. The hope is that as an official faction our progress as a faction in general will be not only easier to get moving forward, but also allowed to become more expansive, perhaps involving some of the Navy's allied and friendly factions such as BAF| and =CR=, and perhaps even the Council.
As for the faction right, as suggested by @DarkTails, having a third Navy official would only make admin and mod situations regarding things like FR5 and reputations regarding the Navy even more impossible to get done. By relinquishing FR5, it leaves the process the same while allowing us to operate as a relatively normal Official Faction, just without the ability to vote in FR5s.