I've played TES since Morrowind dropped when I was a kid. And playing as a Khajiit has never truly felt fluid, especially when a cat has always been known for crawling or whatever on all fours. So, i think it would further the appeal of the Khajiit class and TES in general if the Khajiit class were able to crawl on all fours. Not slowly, but quickly, like a cat. Because lets get honest, Khajiits are supposed to be great thieves and/or assassins right? Why are they only able to walk upright, like a humanoid? It would be awesome to crawl in all fours with a dagger in the players mouth, and come up on silent kills... Chameleon wouldnt be needed, not that the spell itself is even around anymore > But i suppose this crawl option for the character would be toggled through the same way you would if you were to crouch, right? And if this is a possible animatable feature, i suppose the Argonians should be able to do the same as well. Right?
Please tell me this is a bad idea. (?)

You have a point, considering werewolves ability to sprint on all fours.

It is a bad idea, not by fault though but because you seem to be unaware of the different types of Khajiit. There are those that do walk on all fours as you suggest.

http://www.uesp.net/wiki/Lore:Khajiit#Sub-species_Notes

As for seeing these other sub-species (wiki's wording not mine) I would personally love it. If you're on PC, get Moonpath To Elsweyr and you'll see some different Khajiit.

http://www.gamesas.com/topic/1424961-official-beyond-skyrim-tes-vi-16/