I think the better move would be to unprivate r/Piracy after 48 hours, but restrict posting and leave a link to this community. I think everyone would agree we're no r/aww or r/funny.
The Piracy subreddit has always been a thorn in Reddit's side, and it's a miracle we were able to exist in the first place. It's a very visible space on a highly public website, it's not "underground" like most of the piracy community is. It helps people new to piracy understand the do's and don't's, and the wiki helps people have a quick reference on what sites they can use without getting a virus.