Yes, also because Reinforced Hull is pretty low on the tech tree, aliens will usually be willing to trade for it later if you have something much higher on the tree that they want. Since you want to attack asap with a fighter-based strategy, it is likely you will be capturing tech from the aliens as well.
When you are Telepathic, the extended range possible for your conquests (transports don't get extended fuel tanks) is a subtle but extremely important advantage you have. That and the time-aspect: the name of the game for you is Operation Rolling Thunder. Never stop attacking and you will grow your empire very quickly as you conquer system after system.
Both Warlord (combat boosts + auto-increase your CP rating with each conquest) and Trans-Dimensional (increases both tactical and strategic speed of drives + you can ignore hyperspace flux events) are other good picks that work well with a Telepathic race. This page
also gives you a really good overview for planning your tech advances.
If you want to use missiles first [url=http://strategywiki.org/wiki/Master_of_Orion_II:_Battle_at_Antares/Warship_design]read this[/url], then imo essentially you want:
- Research Labs (good missile tech requires quite a bit of research, so gear up your planets to research asap) Dauntless Guidance System remains a long-term goal, but you can do without till you can steal/trade for it.
- Merculite Missiles (allows you to upgrade your Nuke missiles to MIRV ARM FST ECM - this is your defacto armament of choice till aliens start using Class 3/5 shields.)
- Battle Pods (more missiles = good) At this point, you can spam Frigate designs outfitted with 2 Fst Mirved nukes and start conquering planets guarded by space monsters. 8-10 Frigates will kill most stationary monsters.
- Augmented Engines (yes, it takes up space but the increase to ship defense and speed of both ship and missiles is very important).
- Planetary Supercomputer (gear up for even more research so you can get the higher level techs sooner)
- Ion Drive (combined w/ AE your missiles and ships are now fast enough to engage in effective raid attacks)
At this point you can breathe a little bit. Your ships are glass, but a fire-and-run strategy is viable. As aliens improve their defensive technology, you want to switch to Merculites. Long-term you want to shoot for Zortrium Armor (a pretty decent level of protection and allows MIRV FST ARM ECCM merculites), Neutron Scanner (improves missile targeting), Anti-matter Drive (allows missiles to close to enemy Starbase in 1 turn) and Emmisions Guidance System (enables 1-shot kills). Once you have those techs, you can build 4 battleships and conquer Orion ([url=http://strategywiki.org/wiki/Master_of_Orion_II:_Battle_at_Antares/Killing_Space_Monsters]see here[/url]). Fast Missile Racks is also nice to have, but generally only necessary once the alien defensive tech and armor becomes a problem.
IMO battleships are the preferred hulls for a missile-based strategy. The smaller hulls just don't carry enough ammo to remain viable against higher-level alien tech. BBs outfitted with Zortrium, Reinforced Hull, Augmented Engines and as many missiles as you can fit in remains a pretty potent hull design for quite a while.