Soloing fleets with frigates was reeaally long ago... Before CR put an end to it.
I would not say that Shade is that horrible. Sure, it's straight downgrade from Afflictor, but being a phase frigate still makes it second/third most powerful vanilla frigate for player piloting (that nobody wants to pilot, because Afflictor exists).
I brought up Medusa/Afflictor because they are roughly in same price/availability category as Tempest (which is too hard to get for what it does as player ship). Ultimately I also prefer a Capital, though my vanilla choice is Onslaught - weaker than Paragon, but has more proactive role on battlefield, thus more fun.
Actually, from 0.6 to 0.6.2, it was possible for a Tempest or Afflictor to solo the Hegemony Defense Fleet before CR decayed too much, just hard, and pointless with Medusa (and most other ships) having unlimited CR back then. Hyperion did not have enough time. (In case of Afflictor, killing the fighters was harder than killing the Onslaught trio.)
Then, in 0.6.5, almost nothing was as big as old Hegemony Defense Fleets, plus the soft cap was raised from 40 to 60 thanks to food runs (meaning it was easily possible to get 10-10-10 and almost every skill you want), and Hyperion could solo almost everything before CR decayed too much. All ships got peak performance then. (My food run fleet was two Hyperion and 16+ Atlases. Bounty Hunter fleet was two Hyperion, and 40+ frigates of whatever.)
I do not see how Shade is that great. It cannot bypass shields easily like Afflictor can. It cannot alpha-strike as hard. It cannot kite-and-tank. It costs a lot to deploy (but does not destroy stuff like Afflictor or Hyperion can). With old Phase Cloak, it could hang back, snipe with beams and needles. It was a great ghost tank. New phase cloak has pigeonholed the ships into alpha strikers. Its ship system is a liability. Shade turns on EMP, and cannot fire its weapons. EMP lasts longer than it needs to zap a ship. I can cancel with phase cloak, but then if I uncloak, I cannot cloak again for a few seconds. This was not a problem with old phase cloak. Shade could be okay as support, except AI is too cloak happy and runs out of CR too fast. I do not fear enemy Shades. They are an annoyance, but not a serious threat. Afflictor, on the other, is a true demonic spider.
Medusa is common enough. Afflictor... is not if I do not have a commission. If I cannot buy the ships, then Tempest is about as common as Afflictor. (I tend to recover more Tempests than Afflictors in my games.) As for Medusa, I might get one early in the game as an upgrade to the Wolf, although I prefer to get Drover instead.
I used to like Onslaught more during the 0.7.x days, when it was much more mobile and could solo fleets minutes faster than Paragon. Now, Onslaught cannot remove its weaknesses like it used to.