UPDATED: Fixed armor from arms to legs. Shaved head a bit. I've been using the X5 for a while now and there's several builds that are more effective than what I've made here, but I'm having a lot of fun with this. I wish I could squeeze some more speed out of it, but I had an XL300 laying around and didn't want to sacrifice all the armor. Because the X5 can't mount an ECM, you have to be pretty careful as you'll get picked off. Swing in, get a hit or two on a vital spot and get out. Even on hot maps you can alpha 3 or 4 times without too much worry.
Thanks for the reply epikt, not really sure why I had it that way. Would like to get more in the arms if I could because they do a great job of shielding the torso, but this should do. Updated OP with your suggestion.