Could work if by doing nothing else besides slowing down macros. You'd just need to set it to an unreasonably long string of identical actions. Won't stop anyone with randomness in their code (cause that's so hard to do amirite) but it would dissuade fledgling botters and most basic scripts currently out. If nothing else it makes it harder.
It could work on a scaling temp ban. If you repeat an action 200 times in a row exactly every 5 seconds then you get a ban for 5minutes^(Number of bans). So 5 minute for the first ban, 25 for the second, 125 for the third, etc. until you've essentially locked your account by running it unmanned.
Definitely not a big solution or an end all one but not one that's inherently flawed besides just being mostly ineffectual.