[Urendi Maleldil]

No; the monsters are pretty much automatically at war with everybody so they will immediately declare war on the psycics. When engaging the psycics, most of the monsters would be converted with subverters (because the MC ability is modded out). The psycics would then control fleets of subverter ships and monsters, a difficult challenge for any player. The psycics would also have to deal with constant monster attacks because they're so close to each other. As the game progresses the monsters will become more and more powerful.

The monsters alone present a huge challenge for any players, but a psycic race controlling monsters (no mainenance too) with subverters would make an interesting player (human or AI). A human player would probably wipe the walls with anybody if they controlled psycics and monsters.