I liked the idea of playing a 'proper' bounty hunter too, but it just isn't worth it at the moment.
I have given up on the wake scanner. Tried them in beta and gamma, and once since live, and have never been able to find any target by following his wake, so not sure if they are even working.
In addition, Unlike some previous elite games, bounty hunting no longer relies on you actually tracking a specific target through space, unfortunately. you simply get a tip from an npc in a uss, then go to that system and trawl through more uss's until the missiontarget appears. Which is a pity, there was a lot of depth in analysing exit clouds, ensuring your jump drive was fast enough that you could beat your target to the destination and then waiting by the exit cloud for him to appear so you could blow him away - since timeshifting is difficult, if not impossible to achieve in a realtime multiplayer game, this doesn't work.
interdiction can be fun, but is a relatively slow and sporadic process. Waiting in the middle of a system, looking at all the fsd contact list, finding a viable target, closing on it, getting behind it, inderdicting it, then scanning and killing the one target, then re-entering fsd to start the hunt again - can be a twenty minute wait between payouts
missile defence systems are similarly almost useless. While they do have (situational) usefullness, in a cobra or eagle, you can dodge almost any missile thrown your way. In addition, they dont seem to do a hell of a lot against shields, so more often than not, i just let them smack my shields to almost no effect (especially in a cobra)
in essence, to be a bounty hunter as the game stands right now, all you really need are some functioning weapons and a kws
Upgrade your power distribution systems for max recharge rates, your powerplant to allow to to fit more/better weapons and shields and go nuts. Not a lot of room for customisation in the eagle, but once you get to the viper and cobra, you get a few more slots to start looking at shield cells and utility mounts etc