In an air war over Europe, using a small number of F-14s to hit fighters with AIM-54s is a waste of an asset. The aircraft/missile system was designed to take out larger aircraft at a distance. Therefore, using the F-14 against Soviet AWACS aircraft or tankers or transports is the most appropriate use of this. It could also be part of a system to defend against long range MiG-23 attacks on NATO AWACS as the AIM-54 outranges the Soviet missiles, and as noted the MiG-23 is not good at dodging. As far as F-14 against Soviet fighters, between sparrow and sidewinder missiles, aircraft capabilities, and the advantage of the radar system and the 2 man crew if it gets in a situation of fighter vs fighter it has a decent shot. Except by the F-14 pilots being stupid or the Soviets getting very lucky, a close in dogfight between an F-14 and Soviet fighters is unlikely.
MIG-23 had one move where it was very. good - that was just after the 'merge' to double back for the AA-8 shot. Otherwise, the F-16/15 had it all over the Flogger in WVR combat, and the '15 was considerably superior BVR.
In terms of F-14 "wasting assets" in Europe, that depends on what the F-14's are doing elsewhere that's more important. The SLOC to Europe need to be maintained, and in the Pacific US carriers will need to keep SLOC to Japan and Korea open, as well as consider air raids into Russian Siberia, (where the F-14's will be going up against '31's and 27's, among older jets). Assuming these tasks fully occupy the Tomcat fleet then Europe might not beckon. But if they do not, I don't see where the Tomcats go if not Europe.