The answer to that question is both. I want the walking animation to be proportional to the movement speed. For example, a unit that walks quickly would step faster and a unit that moves slowly would step slower.
That can be easily done by following the above methods. Most of the American Conquest units have a 15 frame walking cycle, often these types of animations are kept short to preserve computer resources and prevent the game from crashing/reducing lag, I have 30 frame walking cycles with some of my units and have not had any problems so far, the dmcr v2 engine can handle this fine, and it's not big deal considering how long death animations and some firing/reloading animations go for, some are 60 frames +.
Also take into consideration when American Conquest was released PC specs of the day were no way as powerful what we have now, the game runs so well on my new PC, I have to turn the game speed right down because of how quick it will run!