Absolutely, I use time misdirection. Actually, there are lots of ways to use it. Of course, on the most basic level, people forget about things, and that helps to misdirect away from something you've done. But there are ways to take it a step further - one of my favourite techniques is to then re-write spectators' memories of what happened using misstatements.
Anyway, the point is that used correctly, time misdirection has a LOT of potential, if used correctly, and certainly won't weaken your magic. As long as you have a genuine reason for using time misdirection (i.e. you're actually doing something, and not just wasting time for the sake of it), it'll work well.