Malfunctions would kill the mod for me, for sure.
There's a mechanic I saw in mechwarrior that I think could fit SO well, if it were to be turned into an active ability. In MW you can get a speed boost that builds up a heat counter. At a certaint treshold it starts damaging the mech. When turned off the heat slowly dissipate.
The heat counter builds up faster and faster as the system stays on, and same for damage, you take more and more if you keep it going after the treshold is crossed.
It's honestly quite fun to play with, it's used for short ranged/melee mech in MW, so yeah, it would fit with the SO playstyle as well. The player is always in command, no forced cooldown or things like that, it's all the player choice to balance the need for the boost and the risk for his ship. It can punish greed, make the player take more risk to secure an important kill, all aspects that could make the mod more interesting overall.