I can't imagine how against a human (I haven't played online yet) you could do all that and not get crushed long before by a TEC who quickly has a nice economy going and multiple caps to your 1. He can just go planet by planet, take you out with little defense on your part (you are blowing your wad on all of the above) and destroy you civic centers, your phase gates etc. It has to be a real bad player that gives you enough time to keep an economy going without a strong defensive fleet while your purchase your way to RA.
Am I missing something?
The economic advantages of the TEC aren't decisive, at least not until significant investments have been made. And then, you'll only be left with a small window of oppertunity before Returning Armada comes into play when facing a smart Vasari player. Sure, the Vasari faces a real challenge when playing with RA as the goal, but if he's smart, turtles and tries to phase himself in accordance with the challenges facing him, so will you. The only real example I can give you is from my 1vs9 game. I just took a look at the stats. At the 45 minute mark I had phase stabilizers at 2-3 planets, a Jarrasul Evacuator and 50 Assailants (not RA-related) and 2-3 repair platforms up at each of my three exposed planets. And that's after having constantly fought the four AIs in my system from the 10 minute mark. Now, it counts in my favor that there were several neutral metal extractors that I could snap up, but other than that, the layout of the map wasn't to my advantage. And in this was in my first real attempt at Vasari.
With regards to caps, their value and usefulness pricewise is relatively low compared with frigates until they gain levels, so consider them a long-term investment. And if you're facing a RA-focused Vasari, I'd go for the more short-term oriented frigates instead.