A very non-piratical arrgh! No, you didn't miss anything. I shoulda gone a little farther with that one, but yes, you could use the cape to ensnare or attempt to disarm an opponent with the cape. I'd say use Dex + Florentine -2 (as though targeting a limb) against opponent's Dex + Weapon skill (or opponent's Florentine skill) to attempt to disarm. Cape can be used to parry, feint/distract, or disarm. Feinting/distracting would work just like feinting on p. 101 of the core, but stylistically the character would be swirling around the cape, swirling it in the enemy's face, etc, in an attempt to hide his actual attack. Technically, you could attempt to entangle/ensnare as well, but the cape/cloak isn't as good at doing so as say a whip. So, use the rules for entangling with a whip, but at an additional -1. Drop the minus for a weighted cape/cloak.

ALL YOUR ZOMBIE ARE BELONG TO US!
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Don't go away mad...

Life's one big joke. So laugh often, laugh hard, don't get pissy over the little things. Cause the punchline's not really worth worrying over.