Waltke was one of my professors. Under him, I didn't come to quite the same conclusions as you seem to have come.
No. I think he’s wrong, unless I misunderstand him. From what I read of Waltke and O’Connor, they believe that Biblical Hebrew conjugations refer to aspect, whereas from reading the whole Tanakh through multiple times I came to the realization that neither tense nor aspect fit the conjugations as used in Tanakh.