I think it is fine how it is. Fighters tear my cruiser apart in numbers (thanks RM:)but I can take a few on my own. I built it to counter Caps. My light fighter can take most VHF 1 vs. 1 (looking for you Spear) but is worthless vs. anything bigger then a bomber. Yeah fights can take forever if you are matched, but isn't that how it is supposed to be? I revel in a long fight. It is what makes this game for me.
On weapons balancing, it is good. The fastest weapons are appropriately weak and the slow ones are powerful as hell. If you put any faster velocity on the better ones, it would make LFs pointless.
Fighter fights take a while sometimes.... but that's what really makes it a contest between you and the other guy you are fighting. It is skill AND patience that allows you to win.