Chameleons are amazing. Even ambushy. I've covered this all before.
First, chameleons have 1.5x the DPS of fighters against non-bonus ships, have almost twice the range of bombers (7000 range is amazing on these things), and their DPS is frontloaded. Second, they're fast enough to get into position for an ambush. Third, they're tough and have close-combat armor type, so almost none of the things you'd be wanting to ambush will have any bonuses against them.
So how do you ambush with them, you ask? First, you need to be having a problem with a specific enemy ship that's difficult for your forces to otherwise get to because they are either long range or lag behind the enemy forces because they're slow. These are usually something like Bombards, Sentinels, Electric Bombers (note that Chameleons have bonus against Neutron, so they're AMAZING against Electric Bombers).
Second, you grab your chameleons (using just your cap of mk1 chameleons should work in most cases, leaving your mk2 to help with frontal defense), and tell them to sit on the wormhole in low-power mode. When the enemy wave (or CPA or whatever) comes through the wormhole, wait for the stragglers (missile frigates, bombards, electric bombers, blade spawners) to separate from the main attack force, then power up your chameleons and watch as they trash the bombards/sentinels/whatever else is back there.
On offense, if you're making a raid into an enemy system, the high range on the chameleons will allow them to keep faster enemy ships (fighters, etc.) away from your fighter/bomber blob before the enemy fighters can start nuking your bombers.
In short, I will vehemently oppose any attempt to repurpose chameleons. If you want another more ambushy ship, fine, it'll probably be okay to have two ships with chameleon cloaking abilities since there's also two ships with ignore-FF, two snipers, etc.
But, don't change Chameleons.