Sorry, it doesn't work. You can include the component on your space station, and use it, but the station still can't move. The "move" and "warp" orders simply don't function, and if you include in a fleet with normal ships, the space station essentially turns off the move option for the whole fleet.
Kudos for thinking out of the box, but it doesn't get you mobile space stations. Guess your Death Star will have to be a base ship.
John