I can confirm that the light sword is still availabe from the buccaneer ghosts (even with the latest patch). In my 'power game,' I settled for 3 of them (though I initially had my heart set on 4).
The trick to getting A SINGLE light sword, unfortunately, is PATIENCE. If you don't have an entire evening to kill, you might want to consider using an editor and giving yourself one.
The trick to getting more than one light sword, as someone else on the board already pointed out, is LOTS OF PATIENCE in conjunction with the tactic of killing the ghosts one at a time.
My tactic:
I set up a portal just around the bend from the sunken ship in the tunnel before engaging the ghosts. Then I hit them with a couple of banish spells (both at level 6 or 7, if I remember correctly). That didn't kill any of them, but it took them all down to the 5-25 hit point range. Then I fled from them and waited for them to return to the ship (checking x-ray to monitor their progress).
Then I portaled back to the point where I was just around a corner from them (and out of sight) and power cast noxious fumes at level 7 at them. The spell usually did just enough damage to kill one ghost (though it sometimes killed two and, very rarely, took out three).
I poked my head around to see if the ghost had dropped a bag. If so, I checked the contents. WAY MORE OFTEN THAN NOT, I did not get a light sword. But when I did get a light sword, I simply kept my party moving, fled again, and portaled back to the spot around the bend when the ghosts returned to the ship.
Since four of my party members are sword users anyway, I wanted 4 light swords, but after spending way more time on this project than I had, I decided that the Ivory Blade wasn't such a huge step down from the light sword and gave up.
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