Cheat all you want, as long as you're having fun. Personally I don't see much wrong with increasing your movement speed (since it's mostly about getting places quicker). Obviously if you did it just so that you could run circles around your foes in combat it would be more of a cheat.
My opinion is that the purpose of games is to have fun, so as long as you're having fun...just be careful not to overdo it; giving yourself the magical sword +25 and ring of regeneration infinity might be fun for awhile, but can ultimately make the game boring.
There's actually a lot of people out there who have made and play with mods that make the game harder, so that after beating it a few times, there are some new challenges. As long as you can make the game fun, modify it however you want!*
*forgoing statements do NOT apply to multiplayer games
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"Many are my names in many countries. Mithrandir among the Elves, Tharkun to the Dwarves; Olorin I was in my youth in the West that is forgotten, in the South Incanus, in the North Gandalf; to the East I go not"
--The Two Towers
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