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Two years of Price is all we'd get for all the club-controlled years of a rookie. The tradeoff is the proven immediate production of Price during the immediate "go for it" years. If Walker turns out to fulfill the upper reaches his potential, which is not as certain as the proven history of David Price, then we would have lost out in terms of total productive player years and in terms of payroll costs. No doubt about it. And either pitcher, Walker or Price, could get injured, though Price has proven he can withstand the rigors of a long MLB season.
This whole discussion highlights the importance of strategic considerations. Are the M's going for it now, or are they trying to rebuild one plank at the time? The Cano acquisition suggests they are going for it now. While it might be argued this is not optimal long term, we now have the "Felix-Cano window." It is here. Now. Walker MIGHT take the league by storm this year (Pineda). Or he might take a couple of years to reach dominant form. Or, heaven forbid, he might not ever reach that.
Technically, or as Doc says, tactically, Price/Walker is a mistake. Strategically it is a decision to be made at the highest level, and that takes into consideration factors that go beyond the tactical. Does "go for it now" mean another rebuild in four or five years? Is it worth it to do that? Again, the Cano acquisition suggests the Mariners have answered those questions in the affirmative.