The best managers usually played at low levels or not at all, like Hodgson, Atkinson, Mcmenemy, Wenger and Mourinho to name a few.
Just because they were great players like Robson, Don Howe etc desn't make them great managers.
The only worry i have with Cowley is the style of play, i hope he is a manager who can adapt to the tools he is given if you pardon the pun. That's if he comes.
I think i would sooner see him than all the other tired old names we keep hearing of.
If he turns us down then it really is time to worry.