I would like this in the game, but i think the "no fast travel" option should be a hardcoe option, and there should be a travel alternative similar to Morrowind's. This is wishful thinking however, and your idea is probably more likely
This.
I really don't know why lot of people complain about every little thing that breaks their immersion (OMG, that spoon is totally unrealistic, my immersion is broken!!1), but Start Trek teleportation around the world in a fantasy setting doesn't.
I hope that they fix that problem since it was actually the biggest immersion breaker in the whole bloody game.
If I had a Morrowind-like alternative, I wouldn't complain one bit, but to put me in a huge boring world where everything is same and not give me an alternative was just mean.
Also, they should remove that pointer on the compass or make it optional, but make NPC give you more detailed info about the quest like they did in Morrowind so I can actually go in a real adventure and not this 'see on compass where I have to go and teleport on that location' stuff.