Warm water exists not far off the coast. But yeah it will weaken it eventually. Slow moving also means less shear which will help maintain strength. Maybe this can move like 15-20kts per hour if it gets caught up, but this isn't a typical SNE strike with an accelerating system. I still would lean not as far west as GFS or other models.
The slow stall would certainly help alleviate wind threat, but surge and fresh water flooding would likely be worse. It appears to me this will not be accelerating, so I wouldn't get too excited from winds.
6z euro op continues with OTS, but a little closer to the ULL to try and sling it north....however all well SE of the Cape. If anything some moisture interaction to mess up the weekend.