I've done these on a couple of characters. They're certainly a nice change from level 4s.
You will have a standing increase with the pirate factions, but you will NOT have a decrease with the empire factions they are hostile to.
From memory you'll have maybe 6 jumps through null to get to the agent, and a good few jumps while you are out there: most of the missions in the chain want you to go two or three jumps and not all can be handed in remotely. The most stressful time is heading back after you've completed the arc, with a gila or cynabal blueprint in your hold.
Ideally you'll want to do the arc with a friend, both to scout for you and to speed tank the enemy ships while you do the dps, very like how people do the amarr faction warfare missions.
A friend will also be helpful to scout your way back to empire space with that blueprint.
If you are going to solo them, (like I did 3 out of the 4 times because I am a man of iron) then you probably want an assault ship rather than an interceptor. Ishkur ripped through the missions for me, while my taranis struggled a little. Jag was OK on my other character although the dps was anaemic, and for the angel arc I speedtanked while a friend shot the pirates in a dps fit amarr AF. That was definitely the easiest one out of the 4. Without a friend though, I would say that an ishkur is nicely overpowered for the missions.
Getting a friend and splitting speed tank and dps duties > solo ishkur > taranis or decent AF > other, tissue-paper-ier interceptors.
Also, do it when it's quiet and check the map for number of kills recently before you set off, and don't forget to swap out the afterburner on your jaguar for a mwd, or believe me you feel like an idiot when you get caught in a bubble and try to run for it.