No, dont get me wrong. I know some ships suck beyond recognition, and I know that in order to get some players on the other side you need to make their fighters desireable too.
but come on seriously, there's no chance in hell that certain unlawful groups could compete with outcasts and corsairs in this field.
But there's a different approach than balancing things out.
I am sure that one titan cannot take on 2 xy ships if players are with same skills, so I'm sure there's no major need to rebalance some things. Instead of making pvp ships better to attract playerbase to some faction, why not make it interesting for them in roleplay?
for example, I am sure that if people knew what does their faction do, they'ld leave it, or if they heard some other faction's agenda they would join that one instantly. There's no need to prove this, it's a fact. 90% of server's population calls Corsairs pirates. So while i understand the desire to win, perhaps this is that turning point where you'll say - yanno - screw this! I'll own you in a lame ship and then I'll be extra proud.
Of hell, if i cant own you, i'll get my 6 friends together and just swarm you. Because 6 people that i'm with didnt care about ship stats, but they cared about how awesome and fearless mollies are when it comes to their turfs.