I don't believe I've ever considered this technique. I've got so many other thoughts racing through my head, counting an elk's steps and converting yardage is probably not a mental exercise I'm capable of in that moment.
I try to range and know by landmarks various ranges. Not always successful depending on how fast things unfold. At the very least, I try to figure 20, 30, & 40. If they come to 20 and spook a little and I stop them at 30 (there was a stick on the ground at 30) it was close enough to work. Actually happened on my first bull exactly as described above. Moving further away from a known yardage versus closer is my normal. Under estimated a nice bear's yardage a few years ago, and shot under him. Over estimated a bull last year and shot over. Both clean misses after they moved further away, but I've got a short draw, 500 gr. arrow at 250 fps. Knowing yardage pretty close is necessary for me for a good hit.
Rarely has the movement from a known to unknown yardage been straight line movement that is observable, ymmv.