OK, I found that bounty hunter faction with Lion base and decided to go the route of buying their ships and doing their missions. I replaced my standard Heavy Fighter with their Heavy Fighter. It seems powerful, comes with shield and when upgraded now has 250 shield.
I started using and abusing anti fighter missiles and instant shield regen abilities. I was able to solo big groups of pirates and scavengers with this. I just dodge and run and fire missiles to take down all the weaker enemy craft and then do dogbattles with the rest.
As for missions, it seems patrol is only mission worth doing. You get decent base reward and there are always easy enemies to blow up during it for even more rewards. And they are fast and don't take a lot of time to do so you can spam a lot of them to get rich faster.
From what I recall, bounty hunter ships are good for player, but weak ish for AI, because they rely more on active systems than other ships. But they are also pretty fast, so they work as your "party", but lack staying power as automated AI fleets(and I think they are rather on the expensive side).
But in player hand, they can punch way above their weight.
I ended up stealing ships from the Reborn pirate factions for the mainstay of my fleet (they also have good capture ships iirc).