Sir (or Madam) I think you hit the nail on the head right there.Don't overload the Lambda, for most purposes the OGP with a single upgrade (Ion Cannon, Tactian, Fleet Officer, Vader) will suffice. Yorr can be an asset to Defenders, Jendon to Bombers and Kagi to Interceptors, but often only a single upgrade will do before you cripple yourself by spending too much on that single ship (Weapons Expert/Title with Jendon, Rebel Captive with Kagi).
Colonel Jendon did much better this go round but I'm starting to come around to the less is more philosophy for X-Wing (Talking gear not ships), for all the extras I put on him it only really helped him; sure he was the last ship in my squad left in the end but I still lost. The points I spent on upgrades would have been better spent on an escort ship for the Lambda, sure it was great seeing all those shots in vain against it but it just caused my enemy to target other (Read: More useful) ships in my squad.
Another problem with the Lambda is it's toilet movement; you make one mistake in your movement and it can cause two to three turns wasted and with 18 points worth of upgrades this will crush you.
I have been trying to use the Lambda as a buff ship for my little eyeballs but frankly I'm not skilled enough to take advantage of all the benefits and the poor movement sinks it.
My new strategy is to use it as a movement stopper and a decoy (Bring the ruckus, I want it to die!). Someone called it the flying brick wall, use it to force your opponent to move in a way that it has to go around it, therefore allowing you to guess your opponents moves accurately. Use it to bully your opponent into a corner and there you go.
I found that this tactic works for a turn (Maybe two) against ships that dance well, but against ships like the B-Wing and Y-Wing (poor movement ships) it excels, I really didn't give to much thought about controlling your opponents actions until this ship, but really if you know how they are going to move you have the game in your hands.
What do you folks think? Really I'm saying that the Lambda works like you would use the Decimator. Does that mean that it's obsolete when that ship comes out? Still think we're all missing out on its true capabilities; but then again I love the space Zamboni and will continue to use it. Maybe I will use both of them next time...