I think it's all relative. If the OP is taking on his next ship after a Cobra MKIII then I don't think PP is going to be an issue for a while. Then engineering the PP to the mid grades is not onerous. OP may already be well versed with engineering and find this easy.The alliance fighters are pretty good or you could go FDL or Mamba. The Vulture has problems with an under powered PP which means engineering, same goes with the Viper MK3.
As mentioned I like the Vulture because you can take it on and have great fun with it as a base model using B & D rated modules but the ship can grow with you to become a finely honed tool. I used mine as a front line ship all the way 'til I made Dangerous rank and despite reaching Elite and gaining many more kills beyond that I still fly the Vulture and find it a real blast.