Nah, can't use it while you're moving. That means no engine kill, and you can't use it while you're turning either, unless you're just barely turning. So you're a pretty easy target.
Tho it would be fine if a 1-2sec cooldown were put on it - You can't type /stuck faster than that anyway.
And/or just make a rule against spamming it in combat. It puts a big green STAND CLEAR TOWING [NAME] in the chat every time you use it, so it would be pretty easy to file a sanction report.
@Haste - U wot m8? I can't imagine trying to get through Omega 41 at impulse speed. It would take hours @_@