Hey there FictionalFridge
Sweet ship you did there!
The hull is simple but fitting. Really nothing to criticizes there. Well done!

The only thing that comes to my mind is that it is very obvious from what it has been spliced. You could add some details to make it a little more unique (antenna? more panels/hatches?).
Edit/ Just noticed the the left side of the Kestrel part has line of shading that does not continue on the bomber part. Could be removed to make the shading look more organic/uniform.
Gameplay wise:
I immediately though of a human only boarding ship when I read the title. A four person teleporter will make any ship very strong. But the current starting crew basically has you settled for the whole game already. IMO giving the ship four boring humans would give it a nice unique touch, cause you would be forced to exercise mass boarding with weaker combatants, something no vanilla ship besides the Slug B does. This also would give the player more to do during the game, cause he/she can still strive to get a better boarding crew.
I also don't think it needs a neither long range scanner, upgraded teleporter or cloaking. Again, other than upgrading shields and engines, the player wont have much to think of when running this ship.
On the other hand, the Ion blast alone does not help it to accomplish anything. Two of these might be more adequate. An alternative could be no weapons but a defense drone, but that Basilisk style is sooooo 2012...
Maybe the med bay could move a little to the front as well? Not everything has to be streamlined perfectly. Just a thought of course. I actually like the layout a lot, it conveys the function nicely. I also like the name. Fed player ships are usually named after birds, but I could not come up with any teleporter related bird so
Translocator is fine I guess.
We don't know yet how AE will effect system distribution aboard the ship, but you might need some additional rooms to have space for the three new systems. Not a big problem, there is still space beside engines and doors.
On a side note: Can we really only relate to the Feds? Feels like there are much more Federation ships made than vessels for the other factions.