How about one more Gallente/Amarr pirate faction instead? We already have 2 Gallente/Minmatar and 2 Gallente/Caldari minor factions, then at least we can say that we definitely don’t need anything else related to Gallente, at least for a while.
I imagine it as a fast, armored missile boat. Amarr would give 10% EM and thermal missile damage bonus, Gallente would give 10% bonus to armor plate HP. Role bonuses would be explosion radius reduction and 50% armor plate mass reduction.
This faction while coming from the Amarr region would compete with and appear in both Serpentis and Blood Raider territory.
Let them use the Executioner, Augoror and Abaddon ships as a base. I think the Abaddon with cruise missile or torpedo launchers would look amazing.
I think these bonuses could make a set of quite unique and interesting ships.