It probably will pass over the Gulf Stream for a time but explosive development is not likely. It's going to start screaming NE (if it is not moving fast enough already) and that's not favorable for major development. It should begin affecting southern New England at this time tomorrow night.
I'm just hoping that it mainly leaves the coast of GA alone. Although I'm afraid if it does, my husband is going to be slightly disappointed in some small part of his being, to find that he's done all this battening down stuff for naught. ;-)