The Princely Pad is a socializing tool in the Captain Outfitter.
The Princely Pad enables the Graceful Waltz ability, which replaces normal Dance. This ability requires no energy and thus cannot be upgraded.
Graceful Waltz is better than ordinary Dance at level 5. If your captain is required in a social mission and has a low Dance/no Dance ability, it is worth it to equip this (or Hop Gogs). If the creatures are really tough to impress, however, then Hop Gogs would be a better option. If not, and if the captain has a shortage of energy, this is better.