I'd say that Guybrush has a healthy sense of self-preservation and fear of death, but considering all of the dangerous situations he repeatedly lets himself get into, he's much braver than he lets on. He often projects fear or even cowardice in his personality, but he either does that on purpose to conceal his intentions from his enemies or he's simply able to overcome his fears when the situation requires it.
This is what makes Guybrush such a great character. He appears to be as insecure and fearful as any common man, but he's really a hero, capable of brave heroic deeds.
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