Yeah, I was looking into whether it's possible to give them unlimited ammo for all weapons and then just not cheat. My definition of "cheat" anyway, which would be only giving them a gun of the same caliber/cell type as their default weapon. Since ammo is weightless, giving them a ridiculously large supply with the console is the next best option as you said. I just will pretend it's not there as far as my character is concerned.
Speaking of the console, there's two things I change every time I start the game:
setgs fXPDeathRewardHealthThreshold 0.0
setgs iTerminalDisplayRate 1000
The first makes it so you get xp from things your companion kills even if you don't shoot them yourself (a requirement I think is really stupid) and the second fixes the ungodly slow text display on terminals.
Someone on reddit posted a great way to make caps and take advantage of the Local Leader stores: fill every possible inch of water in every settlement with water purifiers. You'll end up with hundreds of bottles of purified water which can be sold for up to like 20 caps each. Not sure I'm going to bother going to that extreme, but it seems worth throwing down 7-8 in Sanctuary, maybe a couple at the drive in etc. The best part is that when you sell the water to the settlement vendors you get to collect tax from the transaction.