Juradog: I'm new to boats, but am familiar with composting toilets for remote travels.
The primary requirement for an effective composting toilet is to keep the urine separate. (Easy to do if you're a guy, but if there's a lady admiral she could use a "Jane" cup for her to do her number 1.)
When you first put in the tray, you just put a 1/2" layer of coconut husk (or whatever you want to use) then sprinkle more over the top when you make a solid.
The other thing is to have air passing through it to dry it out and get rid of gasses produced as it composts. It only requires a small fan (like a computer fan) but it should run 24 hours. I haven't tried it yet, but it seems it would be easy to rig up a flexible pipe and 12V computer fan to vent the portapotty waste bin. To save energy, what I think would be really clever is to use a solar vent on the end of it for during daylight, but then hook up a light sensor to turn on the computer fan at night. (BTW, 90% of poop is actually liquid, so you'd be surprised how long you can go without having to empty it.)
I know it all sounds crazy and hobbled together, but I think you could rig something up for really cheap if you didn't want to pay the $1K for the composting toilet system.