I've been testing this out for the last few days with full body tracking. It's a huge immersion improvement once you get it set up right. It can use the hip tracker for direction and the speed and height of your steps for speed. This will also extend the life of your index thumb sticks.
https://store.steampowered.com/app/798810/Natural_Locomotion/

Vs redirected walking I find it more immersive, and more comfortable.