Yes, Eisner took those steps to make better use of underperforming assets. One would have to wonder if Disney would have had such underperforming assets had Walt been around. He wasn't one to sit on his hands. We have no idea how he would have used the assets at his disposal, but he surely would have done something. Would it have been good or bad? Don't know. Would it have led to where we are today? Not sure, but likely not.
One thing I suspect is that Disney, under Walt's continued guidance, would have remained more focused on it's core business and philosophies. While Walt was never the easiest person to work for, he did let the creative types flourish. That is somehting Disney unfortunately lost along the way.
Also, it isn't what Eisner did in the years immediately following his ascention to power that most impacted the future of the Walt Disney Co, but what he did later. He wanted to play media mogul, and that may not have been something Walt was likely to do. Go.com, Fox Family, Cap Cities/ABC........these types of acquisitions altered the focus and course of the Walt Dinsey Company, and not necessarily in good ways. I don't think Walt would have gone down that path.