I don't think it needs to be nerfed to a full-attack action, what would be the point? A fighter could take like 4 attacks, or 1 that is automatically a 10? Seems extremely weak. I suppose you could make a 2-feat chain, with the first giving you the ability to take 10 on an attack as a standard action (only), the second allowing you to take 10 whenever you want.
How much of a disadvantage it is depends on how low a level you can get it. Keep in mind, only a 20th level fighter-type has four attacks per round, unless he's using two weapons. Sure, giving up three attacks for one certain hit is generally a bad idea, but giving up one isn't. There are two keys to this being a useful ability - knowing your opponent's AC, and being able to hit that number exactly if you roll a 10.
Anyone who pays attention can figure out an opponent's AC within two to three if they listen to combat for a round or so. About five rolls is generally all you need, in my experience. That means the first part's easy. Getting it precisely will help, but as long as you err on the side of caution, you can do all right. The second part (hitting it exactly) requires a few feats to pull off. Power Attack and (Superior) Expertise are the most obvious and useful. Depending on your attack bonus and the opponent, you can get a significant boost in combat ability by judicious use of Combat Mastery and these feats.
It's also extremely useful if you NEED to hit in a round, for whatever reason. Perhaps you want to disrupt a spell, or you know your opponent is on his last legs. You sacrifice an attack or two for the certainty that you will hit, probably gaining a damage or AC bonus in the process. That ain't a bad deal.
After crunching some numbers, I agree that a full action isn't necessary. It's a handy ability, but the band at which it's useful isn't very wide at all. I don't even think it's powerful enough to limit to a standard action, though it seems wrong to let a fighter use it an unlimited number of times per day. If you need a five or less to hit your opponent, you're better off going for a full attack, even if you only get one more. The possibility of a crit or two outweighs the chance you'll miss with one or both attacks. If you need more than a ten to hit, it's flat-out useless. Therefore, it's only good if you need somewhere between a five and a ten to hit. You'll derive a little bonus from it, increasing as you need lower numbers.
So - it's a good ability to have if you face a lot of creatures that you can hit most of the time, or if you ever need to be sure of a hit. I don't think it's powerful enough to be the defining goal-ability of a PrC, or even a feat that puts it at 12th level or above. I'd put it at 8th-9th level, and usable as a free action before any combat roll in a round. I'm not sure how I'd restrict it, but I'd do so - either by requiring some sort of roll to activate the ability (Battle check?), or limiting it to a set number of uses per day. IMO, that puts it at a pretty balanced state.