Yeah, something like that can work well in the right circumstances. In The Fight you could move forward and backward by holding the trigger buttons and then leaning forward or backward with the Move controllers. That worked quite well, but it helped that it was auto-focussing on the opponent. If the eye tracking really works, then they can also just have a simple button press to walk where you look - it is effectively a third six degrees of freedom controller so you'd hope at some point there'd be enough.
Also, you could look around while walking there in the meantime.
It would also work well in combination with the walking controller, which I think could really make for a great combination.
I always think of vehicles for the handicapped. They can be controlled pretty well with a single joystick - forward backward, left right. So one Move Controller for movement should be doable, leaving the other for shooting and such, and Morpheus for camera control, and button combinations possible for variants. But we'll see what they really come up with. While I hope for more, I would definitely already be willing to shell a few hundred just for a VR Time Crisis.