[Sgtmonkeynads]

Time Compression in a multi player game could work!
It would be just like ships in a squad of x-wing fighters jumping to hyper-drive at the same time, but under each ships control.
You could be the leader of the pack and announce that you are jumping, you take off, the rest of us then have the choice of staying in our regular time or jumping with you. If we choose to stay, we keep going at our own pace and watch seagulls. Mean time you run into a convoy and instantly come out of T.C. as normal as soon as a ship is spotted. We then have to race to the scene as in real life, while you shadow. We can use T.C. as long as you are not spotted by the convoy while we do it.

If none of that made sense just think of how a fleet of star destroyers would act, it'd be the same thing.