Yes, is a good option if you are concerned with performance. Creo is much more faster working with this option on.
I have a aplication for batch processing too and is possible to run it in background. The disavantage is that you can´t see what is happening 
I think this is how I called it from command line:
C:\Program Files\PTC\Creo 2.0\Parametric\bin\Parametric.exe -g:no_graphics trail_file.txt
In the beginning of the trailfine I define the working directory and that´s it, it works fine for me.
Doesn´t exist a document with trail file commands. These commands are generated when you are working with creo, and trailfiles were initialy created for recovery purposes, not for programming.
I suggest to read some articles at:
inversionconsulting dot blogspot dot com/2008/05/proe-anatomy-of-trail-file-part-1.html
Some good and rare info there.
Godd luck.
Jose