Yes, that's the idea behind multiplying by the time elapsed:

(tick - F_LastCheck) * 5

If the time elapsed is large (meaning a low frame rate), you will get a large value, making the step larger. If the time elapsed is small (meaning a fast frame rate), you will get a small value, making the step smaller. If the time elapsed is being calculated properly, you should get a constant speed, no matter if the frame rate is going up and down while animating.