Wouldn't work, Cruis.In. Let's say you put in a speed <= maxspeed with maxspeed = 4. The you press W to go up. You are now moving at 4 units up. Then, while holding down W, you press D. You should move up and right, but since any speed added to the object takes it above 4 units, you would continue to only move straight up, even though you had both keys down. The ONLY (I repeat ONLY) way to maintain a constant velocity when moving at non-divisible-by-90 angles is to use geometry. Without sine/cosine you have no way of knowing what portion of your maxspeed should be moved in the X direction and what portion should be in the Y, and you can't get around that because a computer monitor is nothing more than a grid of pixels.
So, sorry, but your suggestion would not work...
So, sorry, but your suggestion would not work...