Will gave up the smithy with no real regret. Governor Swann wanted to groom him as a replacement, and the blacksmith's life had never been quite the same after Will experienced life aboard ship, anyway.
However, it soon transpired that neither of them was happy with the respectable life. So Will left his place as future governor to Norrington, who was born for it, and he and Elizabeth joined the crew of the Neptune's Raider.
Jack wasn't hard to find.