I don't think so. There's still the unknowns about his heading and velocity, let alone if they are constant over the time you track him. Sure, you can constrain the velocity somewhere between 500 to 1000 km/h, but that'll give you a factor 2 uncertainty already, and there'll still be a degeneracy between the bandits heading and velocity. Add to that the fact of a bandit flying completely pure on you and there's no distance estimate what so ever.
I think this ECM ranging mod should just do this math and get the proper estimate, instead of calling a random number generator and have it jump around the real distance the script gets through the LUA exports. I'd be more than happy to go through the math.