Why not just boost the base armor level on transports? I'd rather see that, and perhaps a readjustment to armor multiplication factors to avoid invincible cau8 transports.
For caps I understand, but even with them, using nanobots to keep your hull above 0 at a pivotal time is and was always part of the challenge involved in pvp here. The attacker gets annoyed that when they think the attackee is about to go down, as they use their last burst of health to keep going. If you're good, it can save you, if not, you die with nanobots still in your hold. Or you use them all and still die.
If you are pirating someone, don't lock yourself into the only option being 1 hit kill. This seems like a balance question, of wep dmg vs base hull strength. I know what you're getting at but ditching regens completely seems un-freelancerish to me. Its part of the challenge. All of it could be solved by making sure most unarmored transports have base hp higher than that of any single shot by a heavy wep.
For caps, the fight dynamics are unquestionably better without regens and instead repair ships come in, but on smaller ships, I still think its important for everyone to have a self repair while in space, so you can repair without docking (and survive off the environment, like npc's botts/batts harvesting).