Depends on your motive. Do you want to destroy a faction with inquisitors? If so, this is not the best alternative.
Why?
Well, the chance of burning a king is automatically smaller than doing the same for a prince, even one with slightly more piety. Therefore, you are better of spreading out your inquisitors on several targets, luring them into the atheist burn-trap, and killing them off before they achieve the crown. In a perfect world, you'll have burned all royal material when you finally go to town on the king, sporting a nice "atheist" vice induced by your crappiest inquisitor, who has been using 0% attacks on him while you killed off his family (even at 0%, failed accusations will eventually turn them atheist). Also, killing off the slightly easier, yet juicy targets that the princes are, you'll gain stars quicker. If I go for this version, I'll more or less spread the pointy hatted inquisitors evenly on the targets (3 on each, 4 on each or so on).
The second reason why this is more time-efficient: cancellations. Or rather, the lack of them. You can't give the agents new orders after you press the "end turn" button. Say you order 10 inquisitors to burn a general. The second succeeds. The other 8 spends a year playing canasta. If you had used them in several "kill teams" instead, you become more efficient, since fewer will spend turns burning people who are already bacon.
Basicly, the inquisition warhead would have a big chanse of killing the victim, but it is potentially less efficient than smaller teams with several victims. But hey, if you only want one person dead, and you want it really, really much, then you might as well bring all your guns to the fight. Most people use this approach for burning the pope, I think, since his generals are mostly irrelevant and he has no heirs.
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