Damage Multiplier helps a lot [I Can See You, Cpt. Obvious!], a very good combination for achievement hunting ("Beat Levels Unscathed") is:
Hull: Blue (Highest Speed) / Red (Highest Armor AND Rockets)
Ship: Defensive Laser (2x)
Bomb: Autobomb
Weapon: Laser (4x) with 4x Homing and 4x Split Modifier (sometimes a 3x Split and 1x Affliction is better)
+ You can concentrate on avoiding damage
+ Lasers will penetrate the target before it is fully visible
+ When you're developing your avoiding skills, the defensive lasers will highlight a path
+ Autobomb will save your, ehm, ship
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