For a no portal run if you want to be as mobile as possible while out and about then I would suggest taking workbench and forge mats with you, some mats are interchageable so you don't need duplicate mats to set up all forge stuff and all workbench stuff at the same time. I did no base run with no portals so worked for me but maybe not for you. If you got trouble with space see if you can put a cart on the boat but don't put the real heavy stuff in the cart as it will weigh boat down and cause sailing problems, just be wary the cart doesn't go over board, I found best location for cart is right up against the player when steering.

Otherwise I say just make a base near stones and sail back and forth, it's not as time consuming as one thinks, I did my first no portal run in 161 days, no death run will prob take a bit longer since your prob gonna be taking things super cautious.

Big tip for sailing is DO NOT take any risks, if you think something looks like rocky crap water or too shallow then leave it and find another spot to sail in, only land in safe spots, if it don't look safe then find somewhere else, DON'T sail near plains unless you plan to land.

The biggest problem with no death runs I know of is wolves, make a safe plan of attack for wolves cause that will probably be your downfall.