Babylon 5 battles were brutal. Lasers were long rang cutting instruments not pew pew guns. Ships would change facing then saw others in half.
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They were awesome to watch, but it would be really lame to have a game where some races outpower others by a factor of 100 to 1. A single shadow vessel could obliterate pretty anything the Centuari, Earth Alliance, Narn, or League of Non-Aligned Worlds. Only the Minbari cruisers stood a chance.
In one espide, I believe 5 Narn Cruisers were sawed right in half, and it took two of them to even 'damage' a shadow vessel. Their ability to phase in and out of hyperspace made them pretty much impossible to beat. Even the Vorlons didn't have that technology.
Anyway, while B5 was AWESOME, a game like that wouldn't be. All the powers need to be comparable and the Babylon 5 universe had no such thing until the Shadows and Vorlons left the galaxy.