I loved my drake and it served me well through all lvl3 and early lvl4 missions before moving on to battleships.
My loadout is for PVE only if you are looking for something like that.
[Drake, Solo Level 3 Passive Tank Drake]
Low slot:
Shield Power Relay II
Shield Power Relay II
Shield Power Relay II
Ballistic Control System II
Med slot:
Heat Dissipation Amplifier II
Kinetic Deflection Amplifier II
Magnetic Scattering Amplifier II
Magnetic Scattering Amplifier II
Large Shield Extender II
Large Shield Extender II
High slot:
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Heavy Missile Launcher XR-3200
Rigs:
Large Core Defence Field Purger I
Large Core Defence Field Purger I
Large Core Defence Field Purger I
You can drop one XR-3200 and fit a salvager. XR-3200 are lovely until if you want to bother with T2 Launchers, i never did and the XR-3200 will serve you well.
Dont know much about PVP, i only pvp on occasion in a manticore in a party of 4 or 5 which use cloak, anything else Requiel or Tanais are the best people to ask.
Dont forget to change the amplifier depends on the the mission you are doing.
Let me say this setup served me well some people dont like passive shield tanking and prefer active shield tanking, i never had a problem was able to tank numerous enemies and the shield never went below 75% on all lvl3 missions. Make sure your engineering shield resist skills are least 3 or better lvl 4. And enjoy spamming missiles all day.