I actually see a moderate amount of local OOC usage for this, so this would act as a crutch(e) in those situations.
Toggle-able would be great. I'd guess that the POV would be like a camera, in that it wouldn't be targeted by any poses, and would just show you whatever is happening in the room as an "uninvolved/untargeted" party would.
A good place to start is to pose instead of using regular emotes:
.nod at bakka.
Start getting a feel for that stuff, then maybe pick a few more complicated ones (like the ch ones) and keep trying. Once you get the basic idea I'd steer clear of the tutorial room unless you're a performer of some kind ICly and want a flawless performance.
Posing is a whole different method that allows you a lot more creativity. You will write in first person but when done correctly, it will show in third person to the room.
Using floored's example:
floored writes: .nod at bakka.
floored sees: You nod at Bakka.
Bakka sees: Floored nods at you.
Everyone else sees: Floored nods at Bakka.
The use of periods is the magic of posing. You use it on verbs and can multiple times a sentence. It takes some practice, but it allows for real character flavor without worrying about tenses for whomever you're RPing with.
There's a helpfile on this and there's a posing tutorial. It's helpful! Also, it takes some practice. I was constantly screwing it up at first, so seriously don't sweat. You'll get the hang of it!