Yea, I see no problem with letting CCS work like other item creation feats in this regard. Be warned though, this is one of those spells that is much more powerful in the hands of NPCs and could lead them to being more powerful than you intended if you aren't careful. However, it is perfect for arch-villains (like the Boneheart in Greyhawk) who you don't want the PCs to be able to kill easily. A cleric with contingent heal and true resurrection is a nasty site to behold.
PC: So I deal 59 points of damage with my last attack.
DM: The evil high priest falls dead to the ground under the weight of your blow.
PC: Alright we win!
DM: And then stands up, completely healed and casts destruction on you.
PC: WTF!