I chose quality over quantity.
In the beginning I just build one tiny fighter with only weapons and no defense or engines for each planet to stay in orbit. That way it looks like I have some millitary power and the AI can't use only troop transports for an invasion. Then depending of what's happening around me one or two squads of fast small fighters to intercept hostile freighters, troop transprts and constructors. But most of the time I research/trade up to Medium Scale Building and build frigates with at least one engine of the most advanced type. I keep an eye on possible agressors and what weapons they are researching. Then I add a defence of 2-4 (against the opponents weapons choice) and I go for one specific weapon type (again based on what everbody else is doing and choosing something different, of course).
I always try to research to the last tech of one tier (weapons/defense/engines) and/or the first of the next. This gives the most flexibility regarding the us eof space on my ships.
Normally I am able to build those right about the time the AI declares war on me.
Then I build squads consisting of these frigates and most of the time I don't fill up "left over" logistic points. Only if there is a tiny or small fighter at hand. Then it's time of guarding planets is over and he has to fulfill his destiny to fight fleets of superior ships and die for the glory his nation.
At least in the new combat system he gets to fire a shot before going to valhalla...
Oh, and after that I chose "Quantitiy". I prefer using only "more" frigates compared to "lesser" battleships in a squad. I take some time to research Large Scale Building. I focus on logistics.