I could definitely see that working.I have to admit though that usually when I realize an AI vastly overpowers me, I'll just quit the game. That means I totally lost control of the game. If its military vastly overpowers me, then its economy and tech probably does too and I have a slim chance or no chance of fighting back.
Actually, I'd say this is the main problem.
Never say die until you're actually dead. Most of the AI's score is fluff. It is also quite possible to beat an AI that has a military, research, economic, diplomatic ánd influence lead over you. Fighting uphill battles will teach you much more than equal battles or battles against an AI that is weaker than you. Always remember, the AI is not quite as capable at using it's resources as a human player could. Don't get intimidated, sure, it's possible that you lose, but until you actually start losing planets in rapid succession and all the aces up your sleeve have fallen out, all hope is not lost.
Personally, I find the game boring the second it becomes clear that my power is equal or greater than that of the AI. I know there's just no way I could lose when that happens.
Always run down the entire Invasion tree, sabotage morale buildings, then invade using Information Warfare if your enemy has weak soldiering. You may very well end up with more population on the planet than you had soldiers in your invasionship. Add to that the free tech and you can easely catch up if you fell behind. (The Torians and Iconians are very easy targets early on, for example)
Also, bribery WORKS. Pay potential enemies to go fight someone else before they declare war on you. Actually, pay EVERYONE to go to war with as many others as possible. If they're too busy killing eachother, they won't declare war on you and you can start picking them off one by one. I simply love riding the tails of i.e. the Krynn as they destroy the defending ships of a planet and then invade it myself once the orbit is clear...
Remember, only challenging games make you better, play slightly above your level.