Conducting skills are always good for composers
You have to practice your aural skills as well as your communication skills, both of which are really really important for composers (the latter one especially in rehearsals where you will be present). Also, being a composer is always a plus for a conductor. So yeah, go for it
As for what makes a good conductor, well, I guess you have to be able to hear the piece in your mind as you want it, be able to communicate what you want to the players, have a really good sense of rhythm (and a good ear too, to pick up the mistakes), be confident in front of both the performers and the audience, and, well, enjoy what you're doing
(practice too
)