Just did it to see what would happen and apparently you get 5 rusted parts for it which I guess makes sense since it takes 5 communicator parts for the regular gulliver quest!
...Though at this point I'm still so enamored with the new pirate items that I can't imagine not giving it back I've had him twice so far and both times I helped him with all five of my characters to get extra rewards!
(if anyone's curious, I get random items for each- my experience with Gulliver seems to suggest he has a specific order for items, but Gullivarrr doesn't seem to)
I think if you keep all five of Gulliver's parts they rust in your inventory the next day, so it would be the same speed. But if you don't keep them, you only get one rusted part the next day, so based on that, yes, it's quicker