It used to be that I would have disallowed this move as illegal, but Tory, the designer says it's perfectly fine.
For me, the idea is that once you build a ship it's a part of your fleet for all purposes. For the purpose of further ship-building and Terraforming. Thus, this move would be allowed.
I guess the trick is in the timing. Build the new ship first THEN use the terraforming station.