The non-translation on the player ( well, the minimal translation ) is due to the setup I did, then I realized that the character was slightly moving forward, but I already uploaded the video 
During this weekend I’ll move all the setup in a larger environment and add some variation to the original scene, and also I’ll be testing another scene with some physic objects to interact with.
The tracking itself is done by using the relative position given by the legs orientation, which is then sent to the hips, and that’s where the position in space is set.
The delay you see between the real movement and the VR movement is surprisingly not that noticeable when you walk around, so this would be a good enough solution for games not based on aim gameplay ( survival horror or walking simulators ).
The tracking of the HMD is something that can be done, but thinking about the price to do that I decided to go with the integration of the mocap suit, since you will have full body control 
I just wanted to share a different setup and also demonstrate that a workaround to the current Vive/Oculus setup can be achieved easily