Well only fast travel i would allow in it, if there would be some caravans in the each towns and you could buy a trip to another town what would serve as a fast travel. It would make the world bit more "dynamic" and alive. And ofcourse it would allow some nice quests possibilities too. Like clearing out some goblin cave near some road so the caravan could go between the towns that were before prevented by the goblin raids. Or the caravan prize could be higher when goblins would be in the cave as the caravans would need to go some longer path to get safely in to the other town.
I think that this is a great idea. It blends together the idea of only traveling to places where you’ve been and keeps the mode of fast travel rooted in a logical explanation than just: You traveled 20K and never ran into any people/creatures/anything else along the way.
I never used fast travel, not even in Morrowind (except the part of the main story where you had to use a spell to escape) so I don’t really care how they implement it, I’ll just ignore it anyway. I won’t even have to wait for a mod to disable it for me!!