That sounds like a great idea, though I am not sure how obvious the functionality would be to normal users. For instance, I have used the Creative Suite extensively for the past 8 years, and sadly, never knew that functionality existed!
The way I see it, if someone was faced with the problem of not being able to dial in the setting, there would be two solutions:
- Your idea of holding a modifier key to slow movement
- Having a text input field to type in an exact number/time/etc should the slider not dial into the right number.
Out of those, the 2nd would have a more obvious meaning to the end user of an application that uses the Slider.
That being said, since this functionality would not change obvious behavior while at the same time solving a problem, I think you should go for it!
The developer could simply include help text "Hold Ctrl/Cmd to increase accuracy while sliding" or something.