Not sure if you are still around or haven't found out all you need to know since. However, I too have been puzzling over this voyage for a while, as my husband's ancestor John Bracewell named the vessel he sailed on from Liverpool on 5 August as "John Taylor" and was reported saying it was in 1840: http://www.rootsweb.ancestry.com/~ilmaga/morgan/1889/bracewe...
We thought he had made a mistake about the year, as we knew he was still on the UK census in 1841.
Finally found confirmation of the dates in report of a legal case to determine who should be paid for salvage work:http://bulk.resource.org/courts.gov/hein/0005.f.cas/0005.f.c...
and an entry in the Sheffield Local Register for October 1841:
— 19. Shipwreck on Cape St. Antonio, Cuba, of the John Taylor emigrant ship, from Liverpool to New Orleans, with about 200 emigrants, and near 60 of them from Sheffield.
All saved but one young man.
Do these scraps help confirm your family story?