OK, as I see it (shorter term actions and not really covenant planning; we were misguided by the evil SG! I tell you! :mrgreen: )
ECONOMY: POTENTIAL AVENUES OF INCOME
We have 34 pounds of silver in several mediums, from jewels to raw silver. That will allow us to pay significant amounts of work for starters 8and we will need it). We might have to think about a trip to the continent to exchange some of those "easily transported jewels" for hard cash, since jewels do not have much value when you have to pay pages in pence.
We can offer "Wood of the Moon" (moon duration logs) to the noble. this implies that we are seen as sorcerers, though. However, given the price of wood in an island location like this one, I am fairly sure he can agree to that. I suggest the noble because offering it to the population might have unwanted attention in the form of "witchcraft!! Let's use some torches and pitchforks!!!" when some logs disappear while being cut.
We can also have the trade business started as suggested. It is a great idea to act as an import/export ferry service for the island. If we offer competitive pricing we might even get a nice reputation in the island.
We also can set up a recovery place in the island, a pseudo-hospital. The weather is not kind, so a hospital with a pair of magic items (recovery bonus from wounds and illnesses) might do great for us to get a nice reputation as "useful weirdos". I would put that in the main town. 2 year project.
WHAT DO WE NEED TO DO
Search for other mystical location in the island and its inhabitants. Both from land, air and sea. Map out the mystical heligoland.
Investigate other mundane locations in the island to know what is where and who is who around the island. Grog job, but also magi surveillance for air view and water exploration. map out the mundane heligoland.
Talk to the noble to say hi and broker and agreement with him. Investigate him before that to know what resources he commands, his reputations and all that kind of stuff (grog labour).
WHAT DO WE NEED GRANTED TO US
Use of this bit of the island (northern oberland) for us and the ability to build in it.
Access to all vis sources around the island.
Possibility to run businessses in the island, like the suggested hospital, using warehouses in the town for the business of wood and trade...
Be left alone for the most part.
If we can, less than overbearing taxes levied on us, something that we can pay with our income.
If we can, salvage rights, but I doubt this would be on offer.
Use of local people to boost our covenant staff. economic incentives to start, and living conditions might go a long way towards this target.
We might even offer a minor (level 5 or so) item to the noble every 10 years or so. This tends to keep them really happy, like a cloak of duck feathers or a +3 to recovery rolls.
WHAT WE NEED TO BUILD
A pair of large mundane buildings, One to live, one for the lab.
Quite a list for starters!