The squad has been around since before the Tie/FO was released. The math just works out perfectly and Sable Gryphon popularized and named the list:

Omega leader would get 4/5 Dice that couldn't be modified on a ship he has locked, which is decent, but he has no way to mod his Dice. It's worth investigating though I think.

Well, OL works so well because no only can you not modify your greens, but he takes away a positive result via Juke. Putting SwL on OL would increase the number of reds at the cost of leaving a green the same, and taking actions from your blacks. The 2 reds you'll add will generate 1.5 hits, which sounds like it'd be good against low agility targets, but the lack of a modifier on two Blacks will cost you 1 hit, netting you an increase of .5 hits, assuming the defender didn't roll an evade on OL's attack. So it's kinda a wash on low agility targets.

Meanwhile, for high agility targets, the 2 dice from the blacks is unlikely to do much, especially once Crackshot is spent, so the 1.5 extra hits sounds pretty good. Except you're going to be giving them an extra evade via lack of juke, so you're back to .5 extra hits...

Give it a go and see how it plays out, it would seem that the math says you're getting on average half an extra hit of damage through.

Omega leader would get 4/5 Dice that couldn't be modified on a ship he has locked, which is decent, but he has no way to mod his Dice. It's worth investigating though I think.

He can still mod his dice with a F token the same as before. We're not affecting his mods. Though it is worth pointing out that the opening round you have to take the TL, so you don't have that F token, so the dice roll will be naked, in which case the math would indicate that it's better to have Juke.

Juke also only works if your opponent rolls an evade. I think Swarm Leader can be useful here as it allows one of your Ties that was acting as a blocker still contribute firepower and gives Omega some much needed punch on occasion.

Against a Ghost or Decimator or similar, Omega Leader could even spend a TL on occasion to really bring some pain.

I think it would be better on one of the blacks honestly. Still adds firepower but he fires later in the round, so those evades can still be defensive for shots coming in. Plus it can split the opponent's focus between OL and a SL Black, and that always is a good thing.

Juke also only works if your opponent rolls an evade. I think Swarm Leader can be useful here as it allows one of your Ties that was acting as a blocker still contribute firepower and gives Omega some much needed punch on occasion.

Against a Ghost or Decimator or similar, Omega Leader could even spend a TL on occasion to really bring some pain.

Your argument against Juke applies to Crack as well.

And if OL ever spends that TL on a Deci or Ghost (specifically one that hasn't shot yet) she'll end up regretting it as the return fire now has modified red dice. Short of a few fringe scenarios (you're in the blind spot of the ghost, it only has 1-2 hull left and you need that reroll to kill it, blinded pilot crit, the Deci has already shot), it's never a good idea to spend that TL.

Omega Leader doesn't want Swarm Leader. Juke is much more valuable, and she'll never spend her TL to mod the extra dice (or shouldn't, anyway).

On one of the other TIEs, it could work, but you should never strip OL's Evade (that's probably obvious, but I feel worth a redundant statement).

In a one-off, fun match, it might be great! In a tournament setting, Juke pulls far more weight on OL.