To make a movie nowadays, it seems one must include "human interest" stories as well. And for good naval action, good, HISTORIC plot twists-and-turns are, I think, necessary. For the latter, the Bismarck saga stands up well, as would the Battle off Samar. As we've seen in "Sink the Bismarck!", if a human interest angle doesn't exist (or is, in some sense, insufficient), one is added.
I'd like to add one action into consideration: The Battle of the Komandorskis. Specifically, the saga of the USS Salt Lake City. Look at this: the ship has a crew of many new sailors (picture the new recruits arriving at Pearl Harbor for their assignment--and pick a back story for a few of them); all are looking for a real "fighting" ship, and all want to go where the action is, read: the south pacific. They are assigned to the SLC, a "fightin'" ship, but where do they go? The backwaters of the war, the Aleutians! Nobody ever even sees an enemy ship there. So this barely trained crew sets off to the cold north not expecting much. But someone convinces the command to set out on an aggressive mission: they set off and find themselves, the oldest heavy and light cruisers in the Navy, with not a carrier in sight, up against the battle-hardened IJN with twice its own strength! Salvoes are flying and they try to escape the jaws of defeat...then the boiler incident and they're dead in the water! Is it curtains for our gallant crew? Etc.
Really, along with the other two battles I'd mentioned (and many, many more), you truly cannot write fiction to match this for drama! (Unfortunately, REAL drama usually isn't the right kind for Hollywood.)