Wow, there's a lot of questions here¦
The Titanic did use the 'single wire' system of delivery in which current is delivered to the appliance, which is bolted to the ship's steel structure that acts as a return path. The system was widely used in the 1870-80s as a way to save on the cost of copper electrical cables, but badly out of favor by 1910.
First it was an immense fire hazard. In a two wire system, the hull is supposed to be neutral, so if a wire breaks and touches the steel, it's a less serious 'current leak' and there's an indicator light on most ship's main electrical panel to indicate which polarity has the fault (Queen Mary 1936) With the single wire system, EVERY wire that touches steel is a 'dead short' and vast amounts of current can be drawn out of the system causing sparking and large heat jumps.
The second problem is that in the early style systems, the current found its own path back to the generator, often causing damage. Condensers tubes and propeller bearings were particularly vulnerable to stray currents. The application of an electrical current caused very accelerated wasting of dissimilar metals at the tubes and bearings.
The 'Shipbuilder's' writers knew of the system's reputation and drops the subject of distribution as soon as possible, so there's very little elaboration. It does mention by way of an apology ''¦ but the returns are carried back and bonded in such a way as to avoid stray currents.' (p110)
My interpretation is that every circuit domain had a switched delivery (positive) running to each appliance, and a collection (negative) cable that was attached every few deck beams so that every appliance was within a relatively small radius of a current collection node, rather than let the current 'run wild' to find a path of least resistance. It also helps control sparking if the ship makes contact off-ship grounds.
I believe from partial schematics that survive that Titanic was Negatively Grounded, and that the generator control pillars, and main switchboard dealt primarily with control through the positive legs of the circuit. It's been too long since I had chemistry to remember if a negative ground system is favorable or unfavorable to hull corrosion.
I'm sure I've seen zinc sacrifice plates bolted onto Olympic, that's a detail I wouldn't remember clearly because all ships have them and not noted because it's the standard set up.
Nobody's suggested installing zinc sacrifice plates on the wreck so far as I know, I'm not sure anybody has the authority to do so. That will probably change shortly. The hull probably would be receptive to them: when table silver is recovered from the wreck it is pristine if in contact with a sacrifice metal, but a catastrophe if it is simply in the mud: The ship's silver is actually silver electroplate over a copper core, and it's very common for the copper to disappear leaving only a double silver shell, the remains of the interior and exterior plating fragile as tinfoil.
Philosophically, its begs the question, why do this? It strikes me as trying to embalm a long-dead corpse.