Yes it would be cool... for 5 minutes. Then you'd get tired of using a dumb wiimote and pick up the dual-analog controller.

This is how we get these modes in games - the devs think to themselves, "Wouldn't it be cool?" Turns out, it isn't.

You mean Fragile Dreams?

Silent Hill Shattered Memories had something like that. Obviously not as combat oriented as Alan Wake.

Unless it's a light gun game, Wii remotes and Move controllers are inferior to gamepads or kb&m for shooters 100% of the time.

Nope. I prefer aiming with a controller. The only exception to that rule is Metroid Prime Trilogy.