Finish (sanding to smooth) then cut must, I think, almost always lead to a better, more invisible, join. Making two halves to sub-millimetre accuracy is surely tougher? I doubt I could do it.
Planning where the joint has to go is #1 on the list. Doing it, as in HMS Agincourt, at the mid-point where the hull's widest makes a lot of sense as the sides are nearly parallel - there's less chance of a step. That said, thinking about battleships in particular, with a general lack of access to the inside of the hull through the deck, I have been musing on the possibilities of a cut nearer the stern, where the hull's halves are later keyed together with a long watertight 'box' attached to the stern chunk, allowing 'above waterline' access when dissembled, to the motors and batteries. (Turrets, lights, etc. to just plug in).
Hmmm. Does the above need a diagram?
Andy