It is. Sort of Paladin like abilities that can be a powerful boon for a fighter, less so for Paladin. I'd say it's better (from efficiency standpoint) to stick with "plain" paladin until epic levels and maybe take champion then (so not for NWN main campaign).

I've taken this with a fighter and while the few feats are nice, the real bonus is the sacred defence giving a boost for the saving throws. With Paladin, you'd still get the saving throw bonuses, but the added extra abilities don't actually balance out the better paladin abilities you'd be giving up.

Basically.. it's kind of not worth it, but with the saving throw bonus it's not a bad choice either. You just give up a bit on attack power (smite evil) and spells, but gain survivability.

As Jarmo noted, if your character is going to played into the higher epic levels, it can be a decent choice, but I tend to think that Fighter is better if you're going to multiclass (the exception would be if taking FTR levels would impose an XP penalty). For the same number of FTR levels that you'd invest in CoT you'd get an extra feat and access to weapon specialization.

The saving throw boosts are nice to have with CoT levels, but keep in mind that you'll fail automatically on a 1 no matter what your saves are (unless you turn autofail off in your game), so those boosts can be of limited benefit. Simply boosting your character's CHA will boost your saves anyway, due to Paladin levels.

You might look at these links.

http://www.gog.com/forum/neverwinter_nights_diamond/multiclassing_a_paladin
http://www.gog.com/forum/neverwinter_nights_diamond/cot_build_for_sou_and_hotu

I am not an expert, but I played a paladin through the OC and a Fighter 8/ Paladin 6/ CoT 14 through SoU and HoTU. The OC was fun playing just straight paladin to learn about the class in depth.

With the CoT build Lay On Hands and Smite Evil stack with the paladin ability and you also get Divine Wrath at level 5. Divine Wrath is a +3 to attack, damage and savings throws for the same number of rounds as your charisma bonus. You also get damage reduction of 5/+1. Having Divine Might, Divine Shield and Divine Wrath is very powerful, not to mention a lot of fun. You won't miss not having Bull's Strength or Eagle's Splendor since so many items boost strength and charisma in SoU and HoTU. It is however, helpful to have the bless weapon spell for taking on the undead.

Enjoy!