The Wanderer PL11 was built in Peel in 1881 and sailed with a crew of 7 with skipper William Ball (Jurby), his son Stanley, William Gell (Ramsey), Thomas Woods, Robert Watterson, John Macdonald and Harry Costain (all from Peel). One of her shareholders was Charles Morrison a Peel grocer and it was to him the letters about the Lusitania rescue were sent. Wanderer was sold to Ireland and renamed Erins Hope. Later she was fitted with a motor and continued fishing until the 1930s.
Here is the link to the BBC article and video about the Wanderer, which was broadcast on BBC1 on Wednesday 13 August 2014. The video is inside the article (click on the picture of the seven men) http://www.bbc.co.uk/news/world-europe-isle-of-man-28677593or separately the video is here http://www.bbc.co.uk/news/world-europe-isle-of-man-28677594
Thanks again for your kind help with my research.
I hope I have done justice to their amazing story of bravery.