Should be good, plenty of space. Got a spare head or full cabin to convert to the workshop. All the Oceans have a large engine room with great access and good maintenance access to most things compared to the majority of other makes. Oddly the 47 doesn't have the nice glass windscreen the other Oceans have. Also, unusually for Bavarias, they're shaft drives, not saildrives (Volvo sized up too late, I think).
The galley is well laid out and suited for use underway. The aft bedroom is great for sleeping at anchor. For sleeping underway I'd prefer a sea berth near the center (I fitted our couch with a lee cloth/web), and the round couch on the 47 doesn't look great for that, but could work. I'd also prefer a heads near the stairs, but on the barefoot route that's less important as you won't be stomping with wet boots much.
If I was fitting one out for circumnavigation, I'd put on davits, a stern arch for solar, lithium bank, a 2nd independent electrical autopilot and raise the mainsheet on a strong frame which forms part of the bimini. It's otherwise difficult to design a good bimini on a center cockpit with end-boom sheeting.
Rudders are always exposed, skegs make little difference to that despite certain myths going around. Single centerline rudders are at least sheltered, as they move directly behind the sturdy keel (unless the boat is badly trimmed), unlike twin rudders which stick out either side. So best to work out how to fit an emergency rudder and carry that instead.
Hydrovanes are just as exposed and any impact capable of taking out a rudder would also likely disable a deployed hydrovane. Not to mention the hydrovane surface area is too small to steer in anything but calm seas without a primary rudder present. They also don't mix well with stern arches nor do they fit well on the Bavaria transoms without interfering with swim access, dinghy boarding and use of davits. Since modern batteries and solar charging mean power isn't such a big problem anymore, I'd rather opt for a second autopilot, which costs about the same or less.
Since a circumnavigation means lots of downwind sailing, I'd think about what sort of configuration you want for that. Top-down furlers on a bowsprit are the popular choice for quick & easy handling of a big cruising chute.
