Is the radiating of waste heat a useful argument in the Star Trek universe? Non of the ship designs were ever concerned with waste heat.
		
		
	 
Assuming that the known laws of physics exist in Star Trek, then yes. 
The original 
Constitution-class had heat pipes on the nacelles (back when reactions took place in the nacelles). From the retrofit 
Constitution onward, starships had large grilles on their nacelles. The 
Excelsior had additional grilles on its neck. From the 
Ambassador-class and onward, starship nacelles glowed bright blue 24/7 unless the warp core was offline. 
The features listed above would probably be insufficient in real-life, but who knows what else starships employ given other indistinguishable-from-magic tech. We know that the 
Enterprise-D's warp core was better than 90% efficient from several episodes, as was the 
Intrepid (which LaForge was competing with), so maybe the waste heat is not a huge problem for a starship (but it would be for us).
As for "Batmobile armor", I could see the technology being revised to rapidly patch hull breaches, or even armoring vulnerable sections of hull in dire situations. On the other hand, what would the energy requirements be in comparison to forcefields/structural integrity fields, double-layered shields, etc.?
It would probably work best as a desperation measure (such as when the Jem'hadar's weapons could pass straight through the 
Odyssey's shields): better than nothing, but not your first choice.