Time compression can be bypassed in an MMO such as that.
Grouping would be the biggest benefit. The group leader could run the group right across the map at high time compression just like in the old Red Storm Rising Microprose game. Once visuals are established, you would switch to the tactical situation. A single player would, of course, be his own group leader for solo play.
I would actually prefer that even in single player. Old style.
I think the biggest problem is that they would need to make being a player escort enticing as "the other side". Sure, there are many who would like to do that, but I think they'd be heavily outnumbered by the bubbleheads. Perhaps letting them command a whole escort group & able to switch between different vessels in that group? Along with issuing general commands to the rest.
Side Note: Not a bad idea. I think MMOs need to expand from what they currently are. I've also been thinking that a modern combat type of MMO would work as long as ranged warfare has a severe advantage over melee. Greasy food for thought, I guess.