I run dual sensor amps on my Baphomet head slots, 5 Lasers (no Missle launcher, you can fit one but it's too heavy and you have to waste cargo space with expensive missles, not to mention the range is different and screws up your alpha strike). LWF, Small repper, and hardener specific to bot I'm hunting.
If your going to rat light bots with an assault, I suggest using a weapon stab instead of a hardener. Or better yet, keep the hardener and put a remote rep on a sequar alt sitting on your farm can. Lasers have great precision, but even small lasers can miss light bots without a good Precision skill and/or the weapon stab.
A small rep isn't going to keep you alive, it's simply to allow you to top off your armor between pulls. This is true regardless of the faction.
Missle faction is probably the better PVP choice, because the Line of sight issues are less pronounced.
In any case, farm your opposite faction with the correct damage ammo type, and it will be a pleasant rat. Same faction farming for mods is tough, as you both have the same strengh's/weakness.