It's not necessary because explosives got a boost in a recent patch and their pretty unstoppable now.If you do consider on getting all three ranks make sure you get hit the deck and spray&pray because the aoe will most likely hurt you or your companions. I recently played an explosive build only run and after I got Demolition perk x3, Splash damage,and hit the deck.. anybody that used ranged attacks died within 5 seconds and anything that used melee didn't have chance to even get to me. The good thing about explosives is that it has a good chance on crippling an enemies leg making them vulnerable to your attacks. This is especially good for death claws.
Edit: Btw, you could proably go the whole game with the thump-thump if you have the right perks but if you want the full experience, I recommend trying the Mercy or Anabelle. The Mercy uses the same ammo as the thump-thump so you would have to make a choice on which on to use. Or you could get the grenade machine gun which is the same as the mercy just toned down a bit. That way you could have two strong weapons that don't take the same ammuntion. Good luck!