Is it possible to use the look mode as a sort of cursor for move actions, similar to how the mouse works with a trail and all that fancy stuff?
Indeed it is possible! Added not too long ago, in fact. If you're in keyboard mode you can press Shift-Alt-g ('g' got "go to") and it will path to your current look mode examine location. Pressing again will attempt to continue moving to the same original target if you're stopped for some reason (like spotting something, etc).