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Sherman had taken Atlanta by the time November 8, 1864 came around, which helped contribute to Lincoln's re-election. As did the fall of Mobile Bay. Going into the summer of 1864 Lincoln's re-eleaction campaign was stalling out, these events helped his campaign. I don't think the re-election campaign was a turning point, personally when these events helped it happen.
As for the blockade being overrated I have to disagree. I think it is more underrated as more attention tends to be paid to the land actions of the war.
Do you mean historians pay more attention to the land actions? If so I agree with you there. I think more attention needs to be paid to the naval actions of the Civil War altogether. But my point was that the blockade itself was not as effective as we have been led to believe.