I'd welcome the re-establishment of restaurants in Intramuros with, as you say, clear building guidelines and oversight.
What is clearly missing though is a convenient physical link between Intramuros and the rest of the city.
Was it Alcazaren or Villalon that proposed a tram line between the bay and the walled city?
The baywalk (and a redeveloped CCP complex) could work well with Intramuros if there was either a BRT stretching from the airport to intramuros, or a slow surface tram between the CCP and the old city.
It would solve your parking problem -people could park somewhere along the route and catch the tram in either direction.
They could watch an event in the CCP or Folk Arts or PICC, catch the tram to intramuros for dinner, then catch it back to bay walk for a promemade.
If there's a strong pedestrian connection between the baywalk, ccp and malate -they could also walk to the bars for after dinner drinks.
There is, though, one thing about the baywalk that new restaurants in intramuros won't replace: democratic access.
This is, of course, one of my repeating themes.
photo by by C. Horwitz, 2004