A global tick instead of a seperate tick for each trigger is the least laggiest method, yes. From the work I've done with TorqueScript schedules; they don't actually lag much.
Short period schedules should not be in server-standard mods, no. Honestly I can't even think of any good reasons behind my answer right now. But I guess if one person starts doing it everyone starts doing it. Then we end up with multiple mods using short period schedules.
There are a few cases of course, AI mods (Zombie mods.. bot events.. etc) and Space Guy's portal gun. I'm not sure where Badspot and Ephialtes even sit on this. Some mods using fast ticks have been failed while things like the portal gun which uses fast ticks remains allowed.