Sounds useful, but one of the key strengths of Tiny Core is how fast extensions load. This would greatly affect that without any practical benefit.
I had some experience with this. I was booting from a defective USB drive, and I noticed that unsquashfs failed on some extensions (I had a script that extracted them manually for special reasons). I fixed them, and later some different ones failed. As I found, unsquashfs (and thus tce-load) can detect file corruption without using the md5 sum. There is no practical need to check against the md5 sum except manually when you suspect problems.