The defense and offense loss only stays during the CO's own turn, so once he ends his turn, all your units are returned to maximum strength (unless there's something else going on) I'll see if the defense suddenly turns negative or something.
Strategy-wise, this COc can indeed be used by indirects coupled with meatshields. However, as the regular units of this commander all have 10% less offense and defense, you'd have to either sacrifice some of that meatshield to apply the debuffs, or use less potent indirect attacks to finish them off with your meatshield. It all comes down to whether you need more then one attack to finish of the unit in question, and at the beginning of an assault, you're always at a disadvantage, even the next attack would only be on equal grounds (both units 90% of the normal offense and defense assuming some form of generic CO without bonuses).
Even if that proves OP, i'm not that worried. If all the CO's i make are OP, it'll balance itself out.