Apart from the timetabling caveats* it seems like an okay idea. It's about 2km down the line from Stirling, which is a bit close, and it doesn't serve anywhere really big, apart from the uni. Yes, the uni and the Wallace monument have a decent draw, however you'd basically be building a station on the edge of a town, and 2/3 of the surrounding area is fields.
I'd say no, probably not worth it on the face of things, build a segregated cycle route or run a bus. It's a decent idea, but probably not a big enough catchment area to work. (Remember that most passengers would travel that extra bit further to Stirling station for an extra choice of 5tph)
*The problem with any stations between Alloa and Stirling, or indeed beyond Alloa towards Clackmannan, is that currently the services are run in limited marginal time. If you add another station in the middle, you make it a bit harder to get to Alloa on time and depart on time, as you add two minutes into each stop in each direction; the turnaround time drops from 8 minutes to 4.
Yes, it is possible to rewrite the timetable, and indeed it will be necessary in the future with the extension to Kinkardine, but at the moment you'd probably have to rewrite the timetable to shoehorn in an extra stop. Is it worth it for Causewayhead? No, probably not. Certainly not before Cambus.