I did this to win my last game.
I was slightly up in tech, but down in production basically korx vs Drengin. What I ended up doing...
I created my fleet to hit and run , taking out a planet here and there. Meanwhile, I put 5 warp drives on a cargo module, and some troop modules- these things were VERY fast. They got from my homeworld to whereever I needed in 2 turns, did their invasion, conquered the planet before the AI could even repond. After enough hit and running they sued for peace, and I just allianced my way to victory- when I should have been swamped.
Is super-fast ships an exploit? The AI really had no real way of countering that.