Definitely not ok, reopening:
1/ throws many warnings when mnet log is empty
2/ the constructed mnet $course object is used in access control checks, local logs, etc
Either the course is local and then it can be fetched from local course table or it is remove and all use of $course->xxx must be fixed.
I do not understand the mnet code much yet, I am studying it now and finding bugs there...
Reworked some elements of this page that may have changed it's function.
Pretty sure it's ok though.