I just killed my first cyclops at the weekend. No synth ammo involved, just an engineered Krait II with some Guardian weapons. It took me 4-5 attempts to get the hang of it but it's not that difficult and I say that as someone who's not exactly a skilful combat pilot. It was kinda fun, but I don't think it's something I'll be doing too often.I have hunted interceptors but I don’t often do it for the same reasons you suggested. I also don’t like the idea of having to synthesize ammo and repeating the same motions for 20-30 min in order to defeat an enemy. It seems gimmicky and less of a test of skill and more of a test of grinding endurance.
I would prefer they were harder in the sense that they did more damage, fought less predictably (there is literally a play by play book of exactly the moves they will do at exactly what time), but had much greater weaknesses that a player with a high degree of skill could exploit at exactly the right time.
That being said you should absolutely try out the lesser interceptors and test you skill with them as you definitely do not need to synthesize ammo to beat them. They are a reasonable challenge as well.