CarolinaChurchwarden - Sorry, no, the rum aboard the ship you were on which was lost at sea... did not survive.
However, because your pipe selection was based more on the fact that you only get one - and therefore, there is no rotation possible, as being stranded creates other unique problems to consider unless you are going to smoke out of a hollowed-out coconut - your reasoning for choosing "a meerschaum of some sort" is more along the way I was thinking about the problems surrounding the specific situation; rather than simply selecting the lone pipe found in the chest "because this is my favorite".
While your answer addressed getting the maximum mileage out of the one pipe you are afforded under the conditions presented, my thinking was about the concerns of durability; but in another way. That lead my personal answer being to select the military-bit pipe in my collection, which rather than possibly break at the stem in the event of a fall or other impactful mishap, it would likely give-way on impact, rather than snap at the bit - which would otherwise leave me with a broken pipe and no replacement, yet tons of tobacco.
Therefore, for "cleverness behind your rational", I deem, while exploring your particular deserted island, you happen to discover a sea-cave which lay hidden along the shoreline; a cave which some old pirates had used long ago to store many casks of the finest rum... of which you now find yourself the sole Trustee of. Enjoy! - Sherm Natman