I actually remember in retail FS1, I would fly an Athena loaded up with the Piranha, and it would actually rack up quite a few kills. It's no longer possible in FSO (likely due to better AI, use of countermeasures, etc.), which makes me think that the main issue is the capability of the submunitions. Missile-like submunitions would probably need a wide homing cone, good maneuverability, and resistance to countermeasures if you wanted any of them to actually hit.
As for alternatives, something that I definitely haven't seen before: would it be possible to make deployable turrets? Like, a weapon that would spawn a small sentry gun for a limited time. Could be interesting if the player placed them correctly, and would help with slower, heavier ships in escort missions, where you could place some sentries around one area and guard another yourself, without having to lurch between the two. Ah well, just a random idea.