The problem with moving Wallace around is twofold, imo:
1. He doesn't run a variety of routes well. Wallace is tremendously fast in a straight line, but like a lot of fast guys he's long legged and has a long stride, which hurts his quickness. This is part of the reason why he's not a threat on precise routes or timing routes generally (he's also lazy, imo, at least in his route running). That makes him predictable for the defense. Are you worried about Wallace running a jerk route, or out and ups, in and outs, in cuts or out cuts? Not particularly. When he runs those routes he looks average, usually below average. With Wallace you have to worry about the post, the flag, the go and the drag... and to a lesser extent the speed out. That's where he's at his best.
There's a reason you tend to see quicker receivers who have long speed deficiencies playing inside the hashes. It's a quick, precise game in there, or a game for physically dominating guys (like tight ends). That is the exact opposite of who Wallace is and what he does well. If you put him inside a lot defensive coordinators are just going to pat you on the back for making their jobs easier.
2. Keeping Wallace on the right side of the formation makes things easier for Tannehill. Like every right handed quarterback, Tannehill is measurably more accurate throwing to his right than throwing to his left. I don't have the numbers on Tannehill right in front of me but it's a marked trend around the league and he shows the same thing. So... if you're going to make the mistake in giving a receiver like Mike Wallace $12 million per year, you probably should keep him on the side of the field where your quarterback is more accurate to try and get the most out of that pairing.
This whole issue is a red herring, imo.
