1) Yeah, its is correct approach. While in real it is abit more complicated, what you described allow for simple coding keeping the realism on highest level. Maybe not exactly easy to code, but much simpler, because what you have to do is
one animation only for turning (while the legs are moving) and simple animation for head turning. The legs always move in the same manner, same as head, but the speed may be different. Hmmm, More or less something like this.
2) Nope, strafing is strafing, not walking. Go play some FPSes

And yeah, it is too slow in PS and needs animation. In fact two animation, for fast strafing which include jumping ( there are moment when both foots don't touch the ground) and slow strafing when there are moments whe both foots touch the ground and always one of them touch it too. )