I like this idea a lot.
But to elaborate and clarify, as I see it, it would basically just be a "coast" button. From the time it is pressed, the Model S would not use any additional energy until it was overridden by the driver using the "Go" pedal. And until that time, the Model S would either coast or regen as necessary, based on the TACC. In other words, if it had nothing in front of it requiring it to stop, it would coast. If it needed to stop, it would regen and eventually brake.
Another possibility as an improvement to this idea would be to allow a second press of the button to force the car from the mode above into regen mode--you'd be actively increasing the rate at which you slow down, useful for the times when there is nothing in front of you, but you need to stop anyway.
And again, once the button has been pushed, a simple application of the "Go" pedal sets everything back to normal, such that if TACC had been engaged, it reengages at whatever set speed, etc. was previously set.
I REALLY like this idea!