Treefrog
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USN should build maximum cruisers (to thwart privateers) and gunboats (to do blockade duty and penetrate rivers).
Successful CSA privateers both reduce Union supply, increase Confederate supply and cause the Union loss of as many as 3 PPs per turn. Multiply 3 PPs/month x 12 months and the Union has lost 36 PPs in a year, a very critical loss. Consider 36 PPs lost for three hears = 108 PPs in three years, roughly equivalent to capturing all of West Virginia.
The CSA has an abundance of naval leaders with nothing to do but command privateers*. CSA can and should build privateers until the supply of "free" naval leaders is exhausted. *Naval leaders with artillery capability of 2 can be used to command coastal heavy batteries until artillery officers become available.
Twenty USN cruisers in AO2, each with a 5% chance of sinking a privateer, will sink one privateer per turn on average. Once the privateer danger is reduced those cruisers are helpful in the coastal blockade, attacking heavy batteries on rivers where accessible and supporting attacks on ports.
East coast gunboats with leaders are not ineffective operating from supplied coastal islands. East coast gunboats (and the USN should build one or more of these) are helpful in reducing the double fortresses of Mobile, Baton Rouge and Vicksburg to obtain river passage.
Western Theatre gunboats are critical to force open the Cumberland, Tennessee and Mississippi Rivers. Once the heavy batteries in the forts are reduced the Union transports can carry attacking infantry to points not as easily accessible overland. The CSA defends Kentucky at great risk to his units if the USN can land troops at either Nashville or Gallatin.
Typically there is an epic battle between the gunboats and batteries at Paducah and/or Humbolt. These battles can go on month after month in epic battles of attrition. CSA General Pemberton must command the batteries until he is killed or wounded; the USN must evaluate his leadership needs in the war against privateers. The CSA should be developing successor artillery generals through combat experience to replace him if necessary. Players do well to understand and apply rules 10.2.5 and 10.2.6, and know how they are different. Under 10.2.5 only the gunboats initiate combat and they can continue attacking until they have exhausted their movement points (or ships). It is these attacks that result in terrible attrition. An unintended consequence is that surviving units obtain veteran status (stars) and surviving commanders see the CR rise.
For end of turn combat under 10.2.6. some USN players put transports into the mix to absorb hits.
If the USN can clear the Mississippi River they can move their considerable riverine transport fleet to deep water with the result that the USN has sufficient lift capability that no Confederate coastal area is free of a threat of invasion of 12 or more units !!
USA building strategy.
The USA can build ships or artillery. Union offensives in 1862 are difficult to mount due to poor leader initiative meaning artillery may simply sit waiting for a chance to move. However the cruisers and gunboats can always move and can start doing their job immediately. The USN gets relatively superior officers earlier than the USA.
CSN conventional forces.
I have seen many fun and interesting CSN campaigns using an ironclad (or two) and multiple gunboats to keep the USN out of either end of the Mississippi River. I don't know that in my view they were particularly successful or rewarding relative to the opportunity of building the ships: the CSA can build two heavy batteries in the time it takes to build one ironclad, assuming the CSA controls the port when the ironclad arrives.
Under the original rules the CSN could build more ironclads than the USN and had the ability to sweep the USN from the seas !! The first addendum cured that problem. Since the addendum I've not seen a CSN presence in deep water. Arguably best to leave the Norfolk gunboats in port to post a threat of the force in being, pinning down (probably) two Union naval units.
We play games for fun. I encourage you to try any naval strategy for either side that strikes you fancy.
Please feel free to offer constructive criticism.
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"L'audace, l'audace, toujours l'audace."
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topics on how to play: Union naval - 
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