To confirm, I've tried against a number of normal 'waver' AIs, including a few mediums. As long as you don't get yourself caught with your pants down and you use a reasonably good DPS/Mat cost unit, the split makes the opening game viable.
To wit, though, my normal build order:
Sciences:
Crystal/Metal Asteroid IIs
Warp Detector
Bonus Fleet Ship Mk II
Grav Turrets.
Build:
15x Engi Is
A few extra converters of whatever I'm short on (so you've got 25 of them) based on asteroid count.
Second Science station
Warp Detector
Set unit build to 10 Fighters/5 Bomber/5 Missile (you want the metal/crystal usage to bounce back and forth).
Ratio in Mk 1 and 2 bonus unit to build mix, preferably at 2:1 of the triangle ships.
Use your Scout IIs to go out and check the locals. Find out what they're packing. In particular, look for eyebots, autocannons, or anything else that cloaks. If they're possible, get the Tachyon I up and when you build your gravs later get a small screen of these in place as well, both at the wormhole and near the station.
WAIT.
Around 6:30-6:45 you'll get a wave indicator. Build off 3 Grav turrets in general direction of approach close to the home station. You want their faster ships to separate from the main fleet early. Raids and friends in particular.
Around 7:00 you should be nearly complete building the Mk1 fleet. Toss up a 30 or so LRM turrets and 10-20 basics near the home station. Build these one set at a time so you don't overwhelm your econ and get none of them working.
Don't engage the enemy at the gate, let them spread out. Tackle everything heading for the home station at about halfway in. Priority targets are anything that ignores FFs. Raid/Cutlass/etc. Secondary is the light starships (sick your Missile Frigs on those) to get rid of their boost. Then frag everything else.
Second wave will notify around 10:00-10:30. Continue to improve turret defenses, get another layer of gravs around the command station, beef up LRM and Basic turrets. Again, be gentle on your econ, don't overwhelm it. You're also replacing fleet ships at this point.
Once you've survived those waves, you can start building off Scout Is and start looking for your first target.