It's working great but it does get a little annoying on the ships after a while and you don't generally need it all the time in contrast to the Alt mod. Maybe a keypad shortcut combination or a button in the lower panel could be added to turn it on/off? Enabling and disabling the whole mod isn't that convenient... Don't know how hard is it to implement, consider it a feature request.

Added a "None (disable mod)" option to the display modes, as well as a hotkey (default ALT-N) to quickly toggle to/from it.

In the meantime, you may have noticed that zinful forked a version that does this.

Nearby Ammo Count Improved also separates the display from alt-mode, and lets each player in a multiplayer game use their own settings. Nearby Ammo Count is intended to be as lightweight as possible so I deliberately avoided this approach, but in the end, both mods are pretty lightweight. (I'm just kind of oversensitive about doing any scripting on a tick basis, as you can kind of infer by the mod letting you adjust its refresh rate.)