The answer is YES! It is correct. Why say mul-ti-ply when you can say times? Why say mul-ti-pli-ca-tion when you can say timesing?
As a verb instead of multiplying:
1994, Harvey Mellar, Learning with artificial worlds: computer-based modelling in the curriculum:
I've taken the calories and the amount of food . . . and it's 410 calories per portion timesed by 6 portions which [sic] the answer was 2460 calories...
1995, Mathematical Association, The Australian mathematics teacher, Volumes 51-53:
A student as junior as Year 4 informed me that he made a forward estimate of cheeses in 100 trials by 'timesing both numbers by 10'...
1998, Psychology of mathematics education, Volume 2:
Alex: Yeah - if you're timesing that distance there by this height, it will disappear.
As noun instead of multiplication:
2011, Willis, et al, Willis's Elements of Quantity Surveying, 11th ed, p33, Wiley-Blackwell, West Sussex, UK:
Calculation should be made as waste on the dimension paper and not mentally, and timesing should be done consistently.
When timesing becomes complicated, it will help considerably in tracing items if the method of timesing is consistent.
There are many byspels ... Resist it if you like, but you're spitting into the wind.
Late edit: I only now realized that I forgot to mention that times as a verb (times, timesed, timesing) is in the OED.