Play through the level on Recruit or Regular immediately prior to going for this trophy, it help you immensely. In my opinion, this is by far the easiest level to beat on Veteran.
NOTES: PT BOATS ARE THE #1 PRIORITY! DO NOT RESCUE SURVIVORS! YOUR CREW MATES WILL TELL YOU WHERE ENEMIES ARE!
Once you can open fire, target the PT boats guarding the first supply ship, then shoot the supply ship until it explodes, continue this tactic with the next ship. You'll soon be moved to the rear MG, continue to take out all PT boats before opening fire on the ships. After you've passed over all the ships, you'll turn to make another run and 4 or 5 PT boats will come into view. Take out as many as you can before you are knocked down and moved to another turret. On this next turret you'll see another half dozen or so PT boats; again take out as many as you can. You'll soon be flying alongside the supply ships. Take out the spotlights and any PT boats that come into view. You'll now be moved back into the front MG. Finish off the supply boats.
As the next section begins you'll be moved back into the front MG. The Zeros aren't much of a threat in this part so just take them out as they fly around like you normally would. After you hit the water you'll be moved to the right turret. Take out PT boats first, if none are in view then feel free to shoot down some Zeros. You'll soon be moved to the left turret. Take out the 2 PT boats on the left as they pop out from behind the USS Sherwood. Next aim straight ahead (crew mate will call out 3 o'clock) and shoot down the 2 groups of Zeros that come at you (THESE WILL KILL YOU OTHERWISE). After those groups pass, take out the 2 PT boats floating to your right. A few seconds will pass and you will be prompted to rescue a survivor, immediately look to your right and begin shooting the PT boat.
You are now going to be moved back into the front turret for the final segment. Just keep shooting at Zeros, making those flying towards you your priority.