Seems like a reasonable way to go. I feel that the 5 result will generally mean that vehicles only ever lose inconsequential pieces of wargear like the smoke launchers they've already used or that storm bolter you never remembered to fire anyway. Aside from that, the chart looks pretty reasonable to me.
I'm not sure I'm a fan of the Overkill Shot rule. A lascannon making a tank explode won't necessarily mean that the lascannon somehow shed some of its own energy (and thus strength) onto nearby models. It just means that the lascannon hit something critical thus causing a reaction that resulted in an explosion. Similarly, the strength of an autocannon that blows up a dark eldar raider probably shouldn't have much of an effect on how strong the raider's explosion is. D3" also seems like a strange distance to randomize. If you wanted to keep it, why not make it a flat 2" so that people don't have to take the time to roll and worry over a 1" difference? I'm not really sure this rule needs to exist. Why not stick to the existing Explodes! rule?
Now all that said, I'm not sure that we really need a random damage table for vehicles. It made sense back in the day when vehicles were rarer and more of a big deal. They were sort of like "mini-bosses" that you were trying to take down with a smaller army, so that minutia was interesting and fun. These days, keeping track of a shaken-equivalent result is more minorly annoying than dramatic.
Rather than a chart, why not simply have devastating blows do extra
HP worth of damage? A single extra
HP doesn't seem unreasonable. Or, if you really want to keep the "battle damage" thing going, maybe remove the randomness? Instead of a random chart, just say that, upon suffering a devastating blow, the controlling player can choose from a list of debuffs. For instance...
* Weapon Destroyed- permanently lose access to one weapon.
* Immobilized- You cannot move for the rest of the game, nor may you jink.
* Crew Stunned- The vehicle may not move and may only snap shoot. until the end of the vehicle's next turn.
So you have two permanent effects that will let you fire some guns normally or move normally, and you have one temporary effect that makes all your shooting and movement terrible/non-existent for a single turn. It shows battle damage, it's easy to keep track of, and it saves you the trouble of consulting yet another table.
As an optional addition to that last part, you could have a rule like Tank Hunter (I haven't read your other post yet) that allows the attacking player to choose the damage result rather than the controlling player.