I recently set an objective to getting pack hounds, so for the past four weeks I've been pledged to Li-Yong Rui (has been four weeks, but only three ticks, so I won't actually get them until this Thursday). I read up on PP enough to get the basics and signed up. I started by doing a few fortification runs during my spare time, but since I'm in the midst of a long term project of recomissioning my anaconda from an exploration class to a combat class ship, I quickly abandonded that strategy and went to undermining Parnav Antel.
I read some of the other posts about looking for convoys and relogging, and working in controled anarchy systems, and while I did initially seek out anarchy systems, it really isn't needed. Sure, I had to get used to carrying massive bounties (for me anyway) but I have to say that the game play has been quite rewarding.
I've worked about three or four Parnav controlled systems and I left three of them in lockdown/civil war after my reign of terror. Just go to any controlled system for your target faction, and scan shipping lanes for faction members (there will be lots of them in the controlled systems). When you see one, interdict, kill, and wake out before security forces arrive. The first system I messed up a bit as I was declared an enemy of the controlling faction. While this can be exciting for a few minutes, having five to six vessles swarm on you everytime you drop out of SC gets in the way of your work.
By the third system, I pretty much have my strategy down. On arrival, I drop into a hazres for 30 min or so and claim some bounties. I then travel to the nearest station, cash them, and say "hi" to my new "friends." I then go out and murder five or six of Parnav's cultist. I'm wanted at this point, but take care to not kill system authority vessels (until I'm finished with that system anyway

).
In between murder sprees, I take out a few wanted ships as well and go hand those off at the local station. Of course, this means low waking into the orbitals to avoid scans, and the annie doesn't exactly stop, but so far I haven't crashed yet.
After the first or second murder spree, I will pop in a hazres. I guess it is a combination of being hostile and the murders (ya think?) but after a few minutes I'm usually attacked by one of Parnav's uber cult leaders, who is then joined by three to four others. This is a lot like taking on system authority vessles, except that do not seem to constantly send in reinforcements. You'll have to fight and need to be fairly competent at handling multiple enemies at once (SLF helps draw fire away from other ships) but you can easily leave a system with 700 merits after an hour or so.
To each their own, but if hauling PP propaganda isn't your thing, I highly encourage you try undermining.
A side benefit is that you will be harassed by bounty hunters everywhere you go for the next week, which does spice things up a bit. Ironically, oftentimes they will attack you before they've scanned you, which causes them to become wanted. I've covered most of my fines by killing the bounty hunters that have come to collect on me!
Oh, and if you really want to go all in with the spirit undermining, before you leave the system, take out a system authority vessle, and then take out as many of the reinforcements as you can before high waking out. You've got your merrits, and ruined the hostile faction's system for a few days.
Yay!