The early game is actually my favorite stage.
I don't find the following stage (upgrade from raider gear to the good stuff) as exciting. Actually it feels like a grind at some points. Then it becomes cool again when some guys start hitting level 11, you get end-game gear and start clearing harder sites.
In my opinion, the most important task in the early game is defining a clear path for your mercenaries.
If they have late-game potential, you give them a polearm and keep them safe in the backrow. Farmhands, brawlers, thieves, lumberjacks, cultists can be perfectly serviceable in the late game if they roll good stats. Look at the talents page on the wiki to get an idea about their projected stats at level 11 and build them accordingly.
All the other disposable clowns don't matter. You give them perks to make them less useless NOW and don't care if they die. Fast adaptation, gifted, nine lives, colossus. Stuff to make them take an extra hit before their inevitable death and stuff to make them less terrible at hitting things.
The surround bonus is very important at the beginning. Extra +5% hit chance (10% with backstabber) for each ally adjacent to the same target. Your 48 melee cripple won't hit shit if you give him a club and let him attack alone. But give him a spear and some surround bonus and he'll become less useless.
Also, nets. In the first few weeks I always move in a coastal area to buy nets. Nets are awesome because they:
- reduce the defense of a target
- make them waste AP and fatigue to break free
- allow you to surround them and puncture them with dagger to get the armor (you are using daggers, right?).
About 2-handers. If a bro has 2-hander potential, you give him a shield or, even better, a polearm. You actually don't use him as a 2-hander until he has decent melee defense, the fatigue to use decent armor (200+) and the important defensive perks (battleforged and underdog - reach advantage is debatable after the expansion). Even then, if the enemy has a significant ranged force (goblins or noble units with arbalesters), your 2-handers should start with a kite shield until they are engaged in melee.