I agree with the idea that cooldown not being reduced for submitting. Its a simple change that addresses the main problem.
No, its not.
You will simply force traders out of Open. Most will go solo play and pirates starve.
OP is not very good pirate. Get better ship, better guns, mass lock your target.
main problem is lack of balance, trader risks millions, pirate get 400cr fine for murder he can pay in any outpost. By trading you don't hurt anyone, by pirating you are and this should be addressed - ideas are in other threads.
basically i believe pirating should be much more profitable and much more risky ( eg. You pirated in empire space m you get permanent criminal status in empire systems).
Remember - traders must profit and thrive, its only natural, there can be 1 pirate for 100-1000 traders or trade will stop and pirates starve.