Well, it seems I have just had my backside handed to me by "Gen. Costa" in a Federal Dropship vs my humble little old Cobra ... cursed "Federal Naval Progression Opportunity" missions!
Good challenging fight (for me anyway, using just KBM controls). Managed to break away and escape with a blown canopy and 6% hull, limping back to the nearest station on oxygen. Rather glad i very recently upgraded life support to give me 15 mins oxygen! Then some NPC pest tried interdicting me 100ls from the station I was aiming for. Thankfully a submit, FAoff, duck & dive, boost and jump worked. Back to the station with a minute to spare, and a 14K repair bill.
Quite fun, however I think I will go do a bit more relaxing trading before trying that again

Edit [Thursday 19/02/2015]: Got 'im, ha!
Note to self:
bigger guns work nicely at times! Now to do some Rares trading to recoup costs.
Aint no use complainin' when it's time to die; Some of us 'ave been there, done that, got bored and come back.