I think the proper name and actual mechanism would be 'gyroscope'. A large gyroscope would do everything you have requested, as well as damage the ship with the torque it generates.
Rather than damage engines, I would make it damage the armor if you try to use any engines or balloon, and increase damage to the armor if impacted. You could still move and adjust your ship slowly, at the risk of losing some armor.
Also, since that is not really the best pro/con ratio to warrant its use ever, add in complete removal of ship 'bobbing' and partial stabilization of all guns, as if heavy clip was loaded. Not complete reduction of recoil, but maybe 50-75% dampening.
That doesn't sound too bad.
So basically, we would have a stabilizer/anchor/gyroscope, which would effectively stabilize the ship and damage it in case you tried to move, would combat any attempts to gain momentum by the player, and perhaps protect the balloon and the guns a little.
You would be a sitting duck in a sense, not being able to move your ship very much at all as long as the buff was on. However, you would be able to slowly turn your ship, your main engineer could use his/her mallet to compensate for the turning/altitude change damage, your gunners would get a good shot but the tool would basically only be really good when there are no enemy ships too close. If the phoenix claw is the "op" (more or less must have) brawling tool.. maybe this would be a good alternative for a long range tool?