Interestingly, the original term "bail" means to remove water, but it also works as a metaphor for getting out of something. In discussing a boat it is probably more appropriate to interpret "bail" in it's original sense, so "bail ship" should more properly refer to removing water from the ship rather than removing oneself. If the ship goes under it is probably a good idea to stop bailing and bail out. I spent the last third of Titanic (the film) wondering why Jack wasn't wearing a life jacket. The reason was so he could sink dramatically later. I wouldn't recommend that.