Sounds about right, so if you have 1 macro line for the icon, one for the call out, one for the error off (cuz who likes error spam?) that leaves you 12 lines for the action itself. 12 x (1/60) = 0.2 or 200 milliseconds, is a MUCH bigger window of time than it may seem to execute your macro and still have it fire even if your GCD is not ready. I personally have used both single line actions and multi-line and the multi-line is by far more reliable in most* situations.
*some times you do not want to use this though is abilities that toggle with no cooldown (Defiance/Cleric Stance), macros that use multiple different abilities per macro, and certain pet commands. As a side note, using this with ground target AoE produces a very cool trailing effect.