I think it's a half-assed solution for a far more complex problem.
Whipped, if your making a chess game, then you'll need to do a lot more than just position sprites with the mouse, you need to assign these bits to a board array, have the computer able to move them itself, check where each piece is as well as what is on each board square.
Pawn movement with the mouse is a long way down the line in your list of issues when writing a chess game. Personally, I'd go 3D, and use the pick object commands to let you select peices, very neat and professional, but it's nice and easy to make moving piece systems in 3D. When your using sprites, you have issues with z-sorting too, if you move a knight through some pawns, then the knight should be drawn on top, or last - it's not always easy to control that in 2D.
The quickest method I've found is to just try and get the basic AI working, so the computer can check what moves are possible, score them, and select a nice move, having it play itself is the best bet, you don't want to get sick of playing chess (defeats the purpose of writing a chess game!).

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