For about one year I toyed with the idea of doing a border strip of about 18-24 inches of hardwood and then carpet in the middle of living rooms. I figured it would retain the ambiance of hardwood without all the downsides and huge cost.
Bob, I don't know if you have ever seen it, but here in the northeast it was common, a hundred years back, to do exactly what you suggest. The floor would have a beautiful border of oak, then the field would be done in a cheap pine. The border would get stained and finished, the pine would be covered with a rug. I occasionally laugh when I see an "expert" on one of the home shows, with a pair of pliers in hand, as he pulls the corner of the wall to wall carpet up, then declares, "wait until we refinish the beautiful hardwood floors". I wonder how many "oh shit" moments happened after closing when the entire rug ends up in the dumpster and the homeowner sees a house full of dry, splintery #2 yellow pine, with a hint of nice oak around the edges?