It would certainly come in handy when stuck or lost deep in a cave system and you don't have a Psychic type. Maybe your Pokemon aren't doing so well and you want a quick exit? The escape rope would teleport you to a grass, dirt, stone block on the surface (if that is possible, I'm not a mod-maker by any means) OR, the nearest/last used healing table. The teleport could be random (not to make it too OP) and obviously single-use. Keep blocks or a water bucket handy... because you never know where it might teleport you!
Also, if it was craftable, it may have a similar recipe similar to a lasso, but with ender pearls instead of slimeballs.
Responses are welcome!