hmm...i guess this thing really relies on its missile-range for defence? cuz i'm only getting 56dps shield-tank with that setup...and dare I say this but, the Amarr Arbitrator shield tanks WAY better than this and, with my skills, my Hammerhead II's do 200dps on their own and get 54km range (vs. 148dps, 63km, all skills L5, 2 Hob II's and 5 T2 assaults).
Here's what I have with an Arbitrator on my skills.
H > 2x Salvager I, 2x Small Tractor Beam I
M > 3x LSEII, 1x T2 EM Hardener
L > 4x SPRII
D > 5x Hammerhead II (10 extras in the 150m3 drone bay)
Defence > 128dps vs. Blood, 136dps vs. Sansha
Firepower > 197.8dps
Target Range > 55km
Drone Range > 54km
The different defence #'s for the two rat-factions is because Sansha's consistently do 60/40 EM/TH damage (because of missiles) instead of 50/50 like the Blood Raiders.
Of course, I usually switch over to armor-tanking when fighting Sansha and Blood Raiders, but still.
I don't fly many missile boats so I guess there's something I don't know about it. Oh well, if it works for you, great!