My captain is also just turned 45 last night and he's my 4th character to level up so I have a little experience to give you my opinion.
If you are soloing on level content then you are better off staying red-line traited.
However when you are grouping with others either on landscape quests or in fellowship quests then this is how I would personally trait my captain.
I do a lot of end game group instances from the 3 mans, to 6 mans, and the 12 man raids so I planned out what traits I would always use while grouping. So here it is and why:
5 Blue traits + 2 Yellow traits.
Strong Voice (Lower power cost is always a good thing for Captains since they are incredible power hogs)
Blood of Numenor (The untraited captain rezes SUCK! I've been rezed too many times with an untraited rez during combat only to be killed 1 second later. Whenever you are grouping trait your rezes. I know this is one trait I will never leave behind when I am grouping with my captain.)
Captain's Hope (Improves the Standard of Hope which will be your most used Standard when you group with others)
Now For Wrath (Rally cry will heal morale and power to the group. This is another one I wouldn't group without.)
Deeds Before Words (Inspire restores 25% more morale. This is one of your 3 Brother buffs that is used frequently and is important)
Blue traits I wouldn't use are:
Fear No Darkness (+20% Healing on Words of Courage. This isn't a bad trait, but unless I am the main healer in the group I would rarely use Words of Courage. If I tried to main heal a group then I would trait this one.)
Relentless Optimism (Another trait I would only use if I was the main healer in a group, which wouldn't happen often. I hate relying on Crits, because they never come when you need them.)
Strength From Within (I honestly don't see the utility in this trait so I wouldn't use it. I can heal myself with rallying cry and revealing mark.)
Defiance (This is another trait I wouldn't leave home without when I was in a group. 10 extra seconds to our last stand duration, along with a heal when it expires, is a huge asset in any group. There are so many times a group I was in could have kept from wiping and snatched victory into our favor if the captain just would have used In Harm's Way plus Last Stand and it was traited with Defiance. Being able to take 50% of the groups damage and to not be defeated and get a heal at the end of that is HUGE in my opinion.)
Tactical Prowess (+5 seconds to your To Arms buff is a plus. It's not great, but all the other yellow traits are for tanking Captains)
Composure (I know this is a 3rd yellow trait, but it is a situational one. I don't have the Time of Need skill but I see it being a useful skill, so if you forgo the +5 To Arms duration given from Tactical Prowess and used Composure instead it could work depending on what you are doing. My opinion may change on this one once I get the Time of Need skill and have had a chance to use it.)