No. Taking hand-eye coordination and dexterity out of fighting games makes it some lame shyt like DOTA or whatever. If you want that, play Final Fantasy Tactics.
None of that changes by simplifying controls. Still need hand-eye coordination and still need to be have high dexterity.
dragon punch, 360, and semi circle motions aren't needed to make fighting games what they are. It's fake depth, and the sooner it's gone the better.
Melee is probably the hardest fighting game in the world despite all of it's moves being accessible with a direction and a button.