I don't have math to back it up, but yes, I definately feel as though Steel Cyclone is pretty underwhelming, and better off keeping Wrath stacks up. better to user Overpower, and Flash for AoE enmity.

Thoughts on improving it:

1) Remove it off Wrath-stacks. Or make it cost 1 or something.
2) Make it only TP driven.
3) Make it generate enmity better, or at all...
4) Provide a debuff of sorts... reduce def, inc dmg type, potent dot... etc...

Some ideas. Not everything, if you slapped everything, it'd be insanely OP. I get that AoE groups are supposed to be risky, but, SC isn't worth using at all....