A correction:
Rev yields +1 m/s, +1 dmg and +1 armor. All that for one full minute. No effect on other stats, aside from vitality when you're dead.

But yes, in my opinion a critical role for every engineer is to cast that once a minute from the very start.

And a few differences of opinion (and I'm talking about pve only, pvp may be a totally different beast, but as we know next to nothing about it yet, there's little reason to spec for that yet):
Suppression? Really? With a follow up transferance and/or sonic boom? In shipyard maps? You've just wasted 6 skill points.

Once any aoe cancels the stuns what you get is a angry mob, and I'm not only talking about enemies, rather referring to the group that just lost their attack targets over nothing. There's a reason 99% (*) of the cap engineers don't use that skill and it isn't because they're all wrong.

Put the suppression skill points to wither first and split the rest between leech, pain and sonic boom pretty much any way you like.

And little tweaks that apply to lower level toons, too:
I suggest you make an emphasis on casting decay earlier (before the others actually) because it cuts down on enemy armor and as such paves the way for further attacks. Ops amplify pain before they unleash their fury, too.

And for further efficiency, pain is best used not part of such a skill sequence, or not quite just like that. I suggest you cast that onto a target, preferably one that is likely to stand through the few seconds until the blast, and then switch target to something you want to put down early and start hammering away. Leaving the pain target to live through to the blast will get, well, get you the blast. This is crucial in soloing and very helpful in sy5 for example (cast the pain to the kermit and then deal with the healers, the kermit will stay up and give you the extra blast which you'd lose if you'd cast it onto something weaker). Also the ladies with the glow sticks are good targets for pain.

(*) I would've said 100%, but you're the first I've seen or heard to be at cap while still using suppression. But then again it was day before yesterday I was in a pug where a 35 engy mid-way to 36 spammed suppression on mysterious guy, which is without exception only harmful.